Bitcoin price analysis: BTC/USD capped from further downside by buying area within $8,000-8,500

Bitcoin nursing small losses of 1.5% on Monday, with buying seen from $8,000-8,500.
Newly formed ascending channel seen for BTC/USD on the daily time frame.

Ken Chigbo Independent Analyst

The Bitcoin price is nursing small losses on Monday of 1.5%, in-line with a continued cooling in prices across the board, seen within the crypto market. BTC/USD downside has remained limited, thanks to decent buying seen within $8,000-8,500 area.

BTC/USD has resumed the recent change in trend, that has seen bears flock back in trying to drag the price back down again. Bitcoin has been falling since the week commencing 7th May, where the price broke back out to the downside for the long-running ascending trend line. Losing around 16% within this time frame.

Technically, BTC/USD is now moving within a newly formed ascending channel, part of the formation being the above-mentioned long-running trend line. Strong buying has been seen within the $8,500-8,000 zone. Looking to the upside, a chunky supply zone still remains from $9,500-10,000.

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.

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