- Bitcoin price on Wednesday is nursing losses of some 0.25% in the second part of the day.
- BTC/USD price action has formed a bullish pennant pattern structure via the 60-minute chart.
Bitcoin price well into the second half of the session Wednesday is trading with losses of some 0.25%, as the price consolidates. BTC/USD is moving within a bullish pennant pattern structure, subject to a potential breakout.
Price action has been consolidating within the noted structure since 13th May, after a strong run of gains over the past few days. Bitcoin managed to hit the highest levels that have been seen since July 2018, during the bear market at the time.
The immediate resistance can be seen at $8000, the upper acting trend line of the pennant. Market bulls are taking a breather following the drive higher. There appears to be just one major barrier seen from $8000-8500 price range, ahead of $10,000.
BTC/USD 60-minute chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.