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

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