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Bitcoin price analysis: BTC/USD one barrier breach away from $5000 return

  • Bitcoin on Tuesday is trading in negative territory by 0.15%, as the price further consolidates. 
  • There is a risk of the price returning to depressed levels of $5000, if the bears bite again. 
Bitcoin price analysis: BTC/USD one barrier breach away from $5000 return
Ken ChigboKen ChigboIndependent Analyst

The Bitcoin price is trading down some 0.15% in the latter part of the day on Tuesday, as the price continues to move within consolidation mode.

BTC/USD has been moving within a narrowing range for approaching four weeks now, it has come following the strong downward trend that came into play between June - September. The price is has been flirting with critical support, which should be noted at $7800, acting as the bottom of the current narrow range. 

Technically, price formation has formed somewhat of a bearish flag via the daily chart view. It is vulnerable to further potential downside moves, should the current daily support give way. A failure of this holding could open the door to a fresh wave of selling pressure, with eyes then on the next critical support zone at $5000. 

BTC/USD daily chart

Author

Ken Chigbo

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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