Bitcoin Price Analysis: BTC/USD range breakout eyed
|- Bitcoin nursing minor losses just shy of 1% in the session on Thursday.
- BTC/USD price action remains plagued within the confinements of a narrowing range-block formation.
The Bitcoin price on Thursday, was seen trading in minor negative territory, nursing losses of just some 0.7%. Trend commitment continues to be a theme, neither the bulls or bears are demonstrating any intention to take hold of firm direction.
BTC/USD continues to move within a tight daily range-block. The high of this can be seen at around $3800, the low down at the $3500 mark. It has been within the confinements of this for seven days now.
Interesting to note, in terms of Bitcoin’s hash rate, after hitting a low of 32 million TH/s, a decent recovery has been observed in recent weeks indicating miners are showing renewed confidence in a Bitcoin price recovery. Data being reported by Drive Markets twitter account.
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.