Bitcoin technical analysis: BTC/USD bears are heavily knocking on the door of $8000 to the downside
|- Bitcoin price is trading in negative territory, down some 1.50% in the second half of the session.
- BTC/USD vulnerable to a fresh wave of selling pressure should daily support at $8000 be broken.
- Price action is largely tilted to the downside, as the sellers maintain control.
BTC/USD daily chart
The bears are testing the psychological $8000 mark to the downside. Failing of this holding could see a fast fall down to $7300 and then $7000.
BTC/USD 60-minute chart
An extended move to the downside came as the bears broke out of a bearish pennant structure via the 60-minute.
Spot rate: 8,074.86
Relative change: -1.50%
High: 8,196.38
Low: 7,990.61
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.