Bitcoin Price Analysis: BTC/USD are trying to wear down key barrier to new heights
|- Bitcoin nursing losses on Friday, as bulls struggle to breakdown vital near-term resistance.
- BTC/USD has a barrier to deal with at $4200-400 range, a break above could see a fast move back to $5000.
The Bitcoin price on Friday was seen nursing minor losses of some 1.8%, into the second half of the session. BTC/USD bulls have been trying to wear down above resistance but struggling of late to move above.
BTC/USD had been on a five-session run of gains, however today – Friday, showing signs of a slowdown. The price has returned to levels seen at the start of the month, but do not seem to have enough momentum to breakout above the area of supply.
Resistance can be seen running from $4200 up to $4400 area. A breakout to the upside should facilitate a fast move towards $5000 price area. If the bulls fail to breach this, then they could be forced to retreat back towards the broken near-term ascending trend line. This can be eyed at $3400.
BTC/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.