Bitcoin Price Analysis: BTC/USD range breakout eyed
- Bitcoin nursing minor losses just shy of 1% in the session on Thursday.
- BTC/USD price action remains plagued within the confinements of a narrowing range-block formation.
The Bitcoin price on Thursday, was seen trading in minor negative territory, nursing losses of just some 0.7%. Trend commitment continues to be a theme, neither the bulls or bears are demonstrating any intention to take hold of firm direction.
BTC/USD continues to move within a tight daily range-block. The high of this can be seen at around $3800, the low down at the $3500 mark. It has been within the confinements of this for seven days now.
Interesting to note, in terms of Bitcoin’s hash rate, after hitting a low of 32 million TH/s, a decent recovery has been observed in recent weeks indicating miners are showing renewed confidence in a Bitcoin price recovery. Data being reported by Drive Markets twitter account.
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.
