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.

Ken Chigbo Independent Analyst

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.

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