- Bitcoin price faces defeat again on Tuesday, hit with losses of around 1% in the session, with no sign of a slowdown.
- BTC/USD breaks a bearish pennant pattern, retests underneath, could be set for another steap fall to test $6000 mark.
The Bitcoin price was seen in negative territory on Tuesday by around 1%, as the hard-selling pressure continues to hit the market. Indicators remain bearish, which is the case across much of the crypto market wide.
BTC/USD has now dropped a chunky 16% in just 7 days of trading, a large fall in just a few sessions. Price action since 7th September had been moving within a narrowing range, having formed a bearish pennant formation.
Technically, BTC/USD remains exposed to heavy selling, given the above-mentioned bearish pennant, which has been breached and retested, playing out to the textbook. This development points to further downside for Bitcoin. Downside target would naturally be for a retest of the $6000 mark. Resistance to the upside seen underneath the breached pennant, $6270.
BTC/USD 60-minunte 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.