Bitcoin price analysis: BTC/USD bears are gradually biting away at the supporting trend line, $8,800 is highly at risk of bear attack
- Bitcoin bears are attempting to bite back and claw the recent bull gains.
- $8,800 is at threat of being breached, a fall back to $6,000 region could come into play , if trend line is broken.
The Bitcoin price is seen down 3.5% on Tuesday, adding to another session in negative territory, not proving to be a good week for the biggest crypto so far. This price behavior is seen across the crypto market, as further price cooling takes place.
Since 20th April, when BTC/USD price managed to jump back above the long-running ascending trend line. Movement and further progress to the upside has slowed down largely since this breach. The bulls have struggled to break down firm resistance seen ahead.
BTC/USD has been cut short from making progress, as there are challenging barriers ahead causing some real problems for the bulls. Tracking heading into the psychological $10,000 mark can see the 200DMA, which has prevented further upside on two occasions within recent trading, on 24th and 25th April. Resistance in proximity to current price level is the 61.8% Fibonacci, this has also been preventing another break higher. Support is tracking at $8,800, a very key level for now.
BTC/USD daily chart
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.
