TRENDING:
US CPI
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin price analysis: BTC/USD consolidating in a flag pattern

  • Bitcoin grinds sideways in a narrow range between $8,500 and $8,600.
  • The previous trend is expected to continue towards $9,000 on BTC’s reaction to the flag pattern formed.
Bitcoin price analysis: BTC/USD consolidating in a flag pattern
John IsigeJohn IsigeFXStreet

Bitcoin price hovers above $8,500. This follows the extension of a lower leg from highs marginally above $8,700. The price action from levels roughly at $8,200 made a phenomenal recovery above several key barriers including $8,400 and $8,600.

BTC/USD is trading at $8,547 and displays an intraday loss of 0.45% as well as a relative change of -38. The prevailing trend is bearish with expanding volatility. The granddaddy of cryptocurrencies currently consolidates in a bullish flag pattern. A breakout out from this pattern is supposed to continue in the direction of the previous trend. In this case, I expect Bitcoin to rise above $8,750 resistance and grind towards $9,000.

Meanwhile, $8,500 is coming out as a key support area. If it fails to hold, $8,400 and the 100 Simple Moving Average (SMA) on the four-hour chart at $8,250 will provide the much-needed support. Besides, further dips under $8,000 are not expected to go beyond $7,700 (major support area).

BTC/USD four-hour chart

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

More from John Isige
Share:

Editor's Picks

Cardano Price Forecast: Approaches critical support as correction risks grow

Cardano Price Forecast: Approaches critical support as correction risks grow

Cardano (ADA) recovers slightly, trading at $0.206 at the time of writing on Friday, inches above the critical support zone after losing more than 6% so far this week. Weakening derivatives data and fading bullish momentum suggest a bearish near-term outlook, with a decisive close below the support zone potentially triggering a deeper correction for ADA.
Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Crypto Overview: Bitcoin slips below $77,000 – Raydium, Falcon Finance hold gains

Bitcoin price trades below $77,000 on Friday, extending its capitulation from the previous week’s high at $82,300. Broader market consensus points to a higher likelihood that the US Federal Reserve could raise interest rates at the September meeting, as inflation concerns rise amid the war with Iran.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC pullback, ETH stalls, XRP weakens

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) remain under pressure on Friday as the broader cryptocurrency market extends its losses over 4%, 2.5% and 5%, respectively, this week.
Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations

Ethereum Price Forecast: ETH holds above $2,400 as PPI data strengthens rate hike expectations

Ethereum (ETH) is down 0.7% on Thursday as the second-largest cryptocurrency looks to recover from earlier pressure following the release of stronger US inflation data. The Producer Price Index (PPI) for final demand rose 0.4% in August, matching market expectations after a revised 0.1% increase in July, according to the US Labor Department.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.