Bitcoin price analysis: BTC/USD must break down and close above $7500 for next leg higher
- Bitcoin is trading up some 1.50% at the time of writing, as the bulls attempt to break down $7500.
- Price action continues to move within a descending channel structure via the daily.
The Bitcoin price on Monday is trading in the green by some 1.50%, as some near-term, buying momentum picks up pace in the second half of the session.
There has been some stabilization in the price since the harsh selling through November. Late last month BTC/USD managed to catch decent support at a critical trend line, which makes up of a descending channel structure.
BTC/USD has been capped by a barrier of resistance at $7500, which has prevented a stronger wave of recovery for now. Should the bulls be able to force a break and daily closure above, then the next area of interest will be the psychological $8000 mark. The upper acting trend line of the descending channel can also be observed here.
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.
