Bitcoin Price Analysis: BTC/USD big buyers may be waiting for $3000

  1. Bitcoin price late on Monday trading marginally in the red, as the price continues to move sideways.
  2. BTC/USD price action has formed a range-block formation, subject to another breakout south.

 

The Bitcoin price in the very latter stages of trading on Monday, was seen nursing some minor losses of around 0.40%. It has been a generally quiet and range-bound session for the start of the week, continuing what was seen in the prior week.

BTC/USD price action via the daily chart view, continues to move within a range-bound nature, having formed a block, subject to another breakout south. This type of price action does express vulnerabilities to the downside.

Technically, the next major area of support – near-term is eyed just below, the lower part of the above-mentioned formation. This can be seen tracking at $3350, a breach here will likely invite another wave of selling pressure. Bears will be eying up the a return to $3000, next big psychological area of support and where the big buyers could come back in.

 

BTC/USD daily chart

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