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Bitcoin Price Analysis: BTC/USD at risk again underneath $10,000

  • Bitcoin price is trading in negative territory, down 4.40% in the second half of the session. 
  • BTC/USD has lost momentum over the last three sessions, failing to break a barrier at $10,500. 
  • Support is now likely to be sought at the psychological $3000 price mark. 
Bitcoin Price Analysis: BTC/USD at risk again underneath $10,000
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

Heavy resistance at $10,500 forced the price to get caught by the sellers again, driving Bitcoin to the south. 

                     

BTC/USD 60-minute chart

Price action has broken out to the downside from a bearish pennant structure via the 60-minute. 

Spot rate:                 9,525.45

Relative change:     -4.40%

High:                         9,966.66

Low:                          9,524.22

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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