Bitcoin (BTC) could be in trouble again
- Bitcoin price comes under selling pressure into the second half of Monday.
- Should the gains of Sunday be totally erased and the low area be broken, another wave of selling would likely take BTC/USD down to $3000.
The Bitcoin price into the second half of the session on Monday, came under some selling pressure once again. After the price had stages a decent rebound on Sunday. BTC/USD gunning back towards the rebound area seen within the $3500 region.
BTC/USD sellers may have simply just run exhausted, after the consistent hard selling seen over the past couple of weeks. Hence why the price saw a chunky bounce on Sunday, with the big short-sellers closing out of their positions.
Should the area where the promising bounce on Sunday be tested and breached, then expect a bigger wave of selling. Eyes will then be on $3000 mark to the downside. Near-term resistance remains tough within the $4500 territory.
BTC/USD 60-minute chart
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
