Bitcoin price analysis: BTC/USD hits lowest level in over a month, down 9% on Wednesday, selling may not be over

BTC/USD lowest levels printed since 12th February, as selling pressure mounts.
Next potential downside target eyed as low as $6000, 6th February lows.

Ken Chigbo Independent Analyst

The Bitcoin price has continued to come under heavy selling pressure in trading on Wednesday, with significant levels of support failing to support the price is this strong bearish trend. There was touted support holding throughout the first half of the day, which was seen at around $8,400.

In recent substantial news, it was reported that Google will be banning Bitcoin adverts, as a cryptocurrency crackdown from the search engine. They will ban all averts for cryptocurrencies and initial coin offerings. To “tackle emerging threats”.

Technically, BTC/USD is subject to some further downside pressure, given the key support around the $8,400-8,500 zone was cleanly taken out, to produce lowest levels in over a month. Given the breakout of the neckline, which was part of the double top formation, 6th February lows look a possible target, around $6,000.

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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