Bitcoin Price Analysis: BTC/USD is hanging on by a thread, as key near-term support is being tested


  • Bitcoin price on in the latter stages of trading on Monday was hammered, dropping almost 4%.
  • BTC/USD has very shaky legs, as the bears continue to press a key near-term supporting ascending trend line.

 

The Bitcoin price was seen trading firmly in the red on Monday, coming under quite some selling pressure in the latter stages of the session. Bears appear to be on a mission to take out the very key near-term support.

BTC/USD price action has been supported since the back-end of June, by an ever so gradual ascending trend line. The market bears have already tested this line on several occasions, however the pressure has intensified through the month of September, raising its vulnerabilities to a break lower.

Technically, immediate support for BTC/USD is as mentioned seen at the below trend line, support currently tracking at $6185, a breach could see a fast money move below $6000, next demand zone eyed at $5900-800 area. Resistance to the upside still looks tough from $6500-600.  

 

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: November fails to impress, what about an action-filled December 2019?

Bitcoin is staring into a bottomless pit mid though the month of November. The past two years have seen Bitcoin start to stir movement upwards in November.

More Bitcoin News

The cryptocurrency market update: Bitcoin and major altcoins recover from early losses

The cryptocurrency market is navigating a sea of red on Friday. Bitcoin and all major altcoins are nursing losses both on a day-to-day basis and since the beginning of the day.

More Cryptocurrencies News

XRP/USD on the verge of a falling wedge pattern breakout

Ripple is trading below a key support week-long support at $0.27. The selling pressure on Thursday forced the price lower refreshing the levels towards $0.26. XRP commenced the trading on Friday at $0.2679 and touched a high of $0.2690.

More Ripple News

Litecoin price update: LTC/USD takes back $60 support, is $65 hurdle breakable?

Litecoin is in the middle of a recovery move following the recent slide below $60. The accrued gains chopping exercise that has been going on since the week started after another failed attempt to correct towards $65.

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: In the middle of nowhere

Bitcoin has been drifting down since the beginning of the week, as the bulls have no luck with the recovery campaign launched during the previous weekend.

Read the weekly forecast

BTC

ETH

XRP