Bitcoin Price Analysis: BTC/USD at risk of pull back to $8000
- Bitcoin price is trading in minor positive, up some 1.10% in the second half of the session.
- BTC/USD continues to consolidate underneath $9000 barrier and on top of critical support $8500.
- The price range is narrowing which is likely to lead to an explosive breakout.
BTC/USD weekly chart
Price action via the weekly chart view has remained generally bullish, running to the upside for five consecutive weeks. However weekly resistance should be noted at the $9000 mark.
BTC/USD daily chart
Critical support at $8500 continues to be tested to the downside, as the price consolidates. Failure of the noted support would likely see a channel retest via the daily.
Spot rate: 8629.10
Relative change: -1.05%
High: 8791.32
Low: 8602.36
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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