TRENDING:
RBA Interest Rate
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
Sponsored by
Login
|

Bitcoin Price Analysis: BTC/USD bears are gradually gaining momentum

  • Bitcoin price is trading in negative territory, down 0.20% in the second half of the session. 
  • BTC/USD is trading below the big $7000, suggesting vulnerabilities to the downside.
  • The price continues to trade underneath a breached bearish flag structure. 
Bitcoin Price Analysis: BTC/USD bears are gradually gaining momentum
Ken ChigboKen ChigboIndependent Analyst


BTC/USD daily chart

The price is on the decline, with Bitcoin running at two consecutive sessions in the red. 

BTC/USD 60-minute chart

Near-term price action was narrowing within a bearish pennant structure via the 60-minute chart, of which the bears have breached.

Spot rate:                6828.94

Relative change:     -0.20%

High:                       6923.21

Low:                        6775.73

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.

More from Ken Chigbo
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Top 3 Price Predictions: Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Top 3 Price Predictions: Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds (ETFs).

Top Crypto Losers: Monero extends losses below $370 as Aster and Bonk risk record lows

Top Crypto Losers: Monero extends losses below $370 as Aster and Bonk risk record lows

Altcoins, including Monero (XMR), Aster (ASTER), and Bonk (BONK), are at risk of extending their losses as the broader cryptocurrency market stalls amid the dragging peace talks between Ukraine and Russia. 

Bitcoin Weekly Forecast: BTC slips under $90K, no santa rally in sight

Bitcoin Weekly Forecast: BTC slips under $90K, no santa rally in sight

Bitcoin traders are counting on a year-end rally, awaiting a return above the $100,000 milestone. Bitcoin-based investment products are struggling with declining inflows and weaker institutional demand, relative to the beginning of the year. 

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum strengthens against BTC post-Fusaka, targeting $3,200 breakout

Ethereum trades above $3,100 on Friday, with bulls aiming for a breakout above a two-month-old resistance trendline. Ethereum gains strength against Bitcoin as demand for the major altcoin increases after the Fusaka upgrade.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Crypto Today: Bitcoin, Ethereum, XRP pare gains despite increasing hopes of upcoming Fed rate cut

Bitcoin (BTC) is steadying above $91,000 at the time of writing on Friday. Resistance at $94,150 capped recovery on Wednesday, but in the meantime, bulls have contained downside risks above $90,000.