Bitcoin price analysis: BTC/USD near-term recovery vulnerable


  • Bitcoin on Monday is trading up 2.60% in the second half of the session.
  • BTC/USD price action managed to stabilise, after bottoming down at $7500 recently.

 

The Bitcoin price late in the session on Monday is trading up some 2.60%, as the price managed to stabilize within the $7500 within recent sessions. It came following such a beating that was received last week, as the bears had firm control.

BTC/USD dropped it most seen in one week since November 2018, as the price lost much ground, having fallen to the lowest levels since June.

Price action via the 60-minute appears subject to a pullback. The last hourly candlestick has produced a bearish evening star formation, which could be followed up by some additional selling, as the bulls lose momentum, next 60-minute and psychological support appears to be back down at $8000. 

BTC/USD 60-minute 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin adoption takes off as institutions continue to jump on the digital currency bandwagon. PayPal co-founder Peter Thiel labels BTC as China’s “Financial Weapon” against the U.S. dollar. Bitcoin price could be due for a massive move as key on-chain metrics reset and others turn bullish.

More Bitcoin News

XRP price shows that business is good for Ripple despite US legal uncertainty

Ripple partner Novatti went live earlier today, generating cross-border transactions to the Philippines. The initial focus of this partnership is to target remittances between Australia and the Southeast Asian region.

More Ripple News

Zilliqa aims for $0.26 as the odds flip in favor of the bulls

Zilliqa price is contained inside an ascending broadening wedge pattern on the 4-hour chart. It intends to establish a higher low and confirm an uptrend. ZIL must stay above a crucial support level to see a potential 27% upswing.

More Zilliqa News

Elrond introduces ORAO Network to ecosystem

Elrond price is contained inside an ascending wedge pattern on the 4-hour chart. The digital asset defended a crucial support trend line and aims for a significant rebound. Elrond will use the ORAO Network to feed smart contracts onto its platform.

More Elrond News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: SEC commissioner cozies up to BTC ETF, on-chain metrics reset making way for volatile move

Bitcoin’s mainstream adoption has soared over the last couple of months, with institutions like Visa, Goldman Sachs, Morgan Stanley, and others dipping their toes in the BTC markets. Likewise, prices look primed to advance further despite the ongoing consolidation phase.

Read the weekly forecast

BTC

ETH

XRP