Bitcoin Price Analysis: BTC/USD bears big bite in late trading, dropping over 4%, eyes on $3000 again

Bitcoin price pressures continue to the downside, as it drops over 4% in around an hour within late trading on Thursday.
BTC/USD bears are gunning for another retest of the $3000 mark to the downside.

Ken Chigbo Independent Analyst

Bitcoin price is coming under renewed pressure in the latter stages of trading on Thursday, dropping over 4% in around 1 hour. The cooling of the prices across the board continues, which commenced on the 24th December.

BTC/USD price was trading within an extremely narrow range since the 25th December, a range-block formation could be observed. This type of price behaviour is typically subject to a breakout to the downside.

Given the recent breach, eyes are once again on the $3000 mark. It appears that the bear market is not over just yet. As sellers remain on the front foot heading into the end of the year. A failure of $3000 holding on the potential retest, could see a drop towards $2000-1500.

BTC/USD 30-minute 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.

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