Bitcoin price analysis: BTC/USD at risk of another drop
|- Bitcoin price is trading down some 0.20% in the latter stages of Thursday’s session.
- BTC/USD is consolidating and has formed another structure, near-term pennant pattern.
The Bitcoin price on Thursday is trading in negative territory, nursing a loss of some 0.20%. Downside momentum has taken a break after the heavy selling encountered in the session on Wednesday.
BTC/USD price action has formed a bearish pennant structure, which is subject to a breakout and further potential downside pressure.
The price is flirting with critical daily support around $7500, failure to hold could then force a momentous wave of selling down to $5000.
BTC/USD 60-minute chart
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