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Bitcoin Price Analysis: BTC/USD are trying to wear down key barrier to new heights

  • Bitcoin nursing losses on Friday, as bulls struggle to breakdown vital near-term resistance.
  • BTC/USD has a barrier to deal with at $4200-400 range, a break above could see a fast move back to $5000.
Bitcoin Price Analysis: BTC/USD are trying to wear down key barrier to new heights
Ken ChigboKen ChigboIndependent Analyst

The Bitcoin price on Friday was seen nursing minor losses of some 1.8%, into the second half of the session. BTC/USD bulls have been trying to wear down above resistance but struggling of late to move above.

BTC/USD had been on a five-session run of gains, however today – Friday, showing signs of a slowdown. The price has returned to levels seen at the start of the month, but do not seem to have enough momentum to breakout above the area of supply.

Resistance can be seen running from $4200 up to $4400 area. A breakout to the upside should facilitate a fast move towards $5000 price area. If the bulls fail to breach this, then they could be forced to retreat back towards the broken near-term ascending trend line. This can be eyed at $3400.

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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