- Bitcoin is trading down some 1.80% at the time of writing, as the bulls attempt to break down $7500.
- Price action broke out of a narrowing pennant structure, inviting another wave of selling.
The Bitcoin price on Tuesday is trading in the red by some 1.80%, as some near-term selling momentum picks up pace in the second half of the session.
Market bears have resumed pressure to the downside, following a brief period of stabilization on Sunday-Monday. Narrowing in the price action forced BTC/USD to form a bearish pennant structure, which was capitalized on by the sellers.
Given the above-noted breach, it has left the price vulnerable to further downside risks. A retest of the near-term pennant is in play at the time of writing. Resistance tracking at $7225-7250, where the lock trend line can be observed
BTC/USD 15-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.