Bitcoin price analysis: BTC/USD hit by strong resistance within the $11,500 region on Tuesday

Heavy selling pressure for BTC/USD, down around 10% on Tuesday.
BTC/USD failed to hold ground into strong resistance just above $11,500 region.

Ken Chigbo Independent Analyst

The Bitcoin price has been under strong selling pressure through the session on Tuesday, wearing big losses of around 10%, after failing to break strong resistance into the $11,500 region, where the price has recently encountered difficulty.

BTC/USD is in proximity the 50% Fibonacci, waiting upon its fate, which could see bears moving in for further ride south. Given the pace at which the market is under pressure, eyes now look to be on $10,000 again.

There does not appear to be much support around $10,000, as proven previously. The price could easily slip through to $9,500, lows seen at the back end of February, during a period of consolidation. Another breach here, will expose the mid $8000 region, where the 61.8% Fibonacci currently tracks.

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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