Bitcoin Price Analysis: BTC/USD grinding will have a tough time throughout $4000 price territory
- Bitcoin price is seen holding modest gains of 1% towards the latter stages of Tuesday.
- BTC/USD on its way to retest the 2019 highs, there are just a couple of big barriers ahead of $5000.
The Bitcoin price is seen holding modest gains of 1% in the latter part of trading on Tuesday, 10th January. BTC/USD managed to push up to the highest levels seen since 10th January, up around the highs of the year.
BTC/USD bulls further extended to the north, following a breakout of a bull flag pattern. The initial burst of upside momentum came on 17th February, on the back of a resistance breach. This was further followed through by the bulls during the session yesterday.
Looking to the upside, the first barrier the bulls must try to breakdown is the high area of 2019. This can be observed up to at $4200, a breakdown here should allow a retest of the $4500 price territory. Supply is seen tracking from $4500-500 price range. Clearance of the barriers noted should make way for a return to the big psychological $5000 mark.
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.
