Bitcoin Price Analysis: BTC/USD saved by vital demand zone, another test at near-term stubborn resistance in play
|- The Bitcoin price nursing very minor losses in the latter stages of trading on Tuesday, down some 0.5%.
- BTC/USD slipped into a vital demand zone, with buying coming into play right away to keep the price propped up, preventing potential free-fall.
- Bulls will be eyeing another retest of stubborn descending trend line, seen just ahead.
The Bitcoin price in the latter stages of trading on Tuesday was trading very marginally in the red, after a generally muted session. BTC/USD continues to demonstrate a lack of commitment with regards to trend.
BTC/USD has been dictated by a descending trend line, which was been running since 28th September. The price has failed to break above this on each time it meets with the resistance, being sent back south.
In the late part of Tuesday’s session, the price came under some minor selling pressure, requiring some support to come to the rescue. A demand zone tracking from $6450-6475, came into play, which observed decent bidding to prop this price back up. This area was also of firm assistance during the selling pressure seen on 29th September.
BTC/USD 60-minute 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.