Bitcoin Price Analysis: BTC/USD gradually grinding down critical support, but there may still be hope
- Bitcoin is trading down some 0.20% at the time of writing, as the bears have room to fully capitalize.
- The price is running at its fourth consecutive session in the red, with a $7000 breach in sight.
The Bitcoin price on Thursday is trading in the red by some 0.11%, remaining vulnerable to an imminent potential breakout south.
BTC/USD continues to hover around the lowest levels since May 2019, as the price consolidates underneath a breached pennant structure. It had been containing Bitcoin from 23 November up to 9 December.
The psychological $7000 mark is in the sight of the bears, although historically it has not served as much significance in terms of support. The next major zone is eyed at $7000-6800 price range. There is still in theory bullish hope, as the price moves within a bullish flag structure. The lower tracking trend line is seen at around $6200, with the upper trend line at $8500.
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.
