Bitcoin price analysis: BTC/USD must break down $9200-9800 range or be punished

Bitcoin is moving within a narrowing range structure, which has been seen for the last ten days.
BTC/USD bears are testing critical daily support seen at $9200.

Ken Chigbo Independent Analyst

The Bitcoin price on Thursday is nursing losses of some 1.5% in the second part of the session. Price action continues to move within consolidation mode, following the strong surge north seen late October.

BTC/USD has been narrowing greatly, struggling to breakdown a big area of supply, which runs from $9200 up to $9800, ahead of the big $10,000 mark.

Given the lack of momentum to at present move through this territory, it makes the price more vulnerable to further downside risks. Failure to break above could force BTC to reverse the late October bull run, where it gained some 40%. Support for now can be seen holding at $9200, critical daily level.

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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