Bitcoin Technical Analysis: BTC/USD bounced off a critical support line
|- Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday.
- BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play.
- Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside.
Spot rate: 5160.71
Relative change: +3.55%
High: 5286.82
Low: 5060.74
BTC/USD 60-minute chart
- Price action via the 60-minute chart view is moving within a bearish pennant structure.
BTC/USD daily chart
- The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000.
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