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Bitcoin Price Analysis: BTC/USD another big dangerous test by the bears

  • Bitcoin price back in the control of the market bears, nursing losses of over 2%.
  • BTC/USD bears are testing the key daily ascending trend line to the downside.
Bitcoin Price Analysis: BTC/USD another big dangerous test by the bears
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price in the latter part of trading in the session on Thursday, nursing losses of some 2.35%, as the market bears regain control. Cooling has been observed across the cryptocurrency market, as Bitcoin struggles to hold the $4000 price mark.

The bears have been pressing and testing the key daily ascending trend line to the downside. A breach is very possible given the current pressure. The noted running support has been in play since 6th February, a breach could very devastating.

BTC/USD could be victim of chunky selling pressure should the comfort line give way, eyes on $3900, where the trend line is currently tracking. A breakout south could open the door to a retest of $3000 to the downside. 

BTC/USD daily chart

Author

Ken Chigbo

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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