Bitcoin price analysis: BTC/USD rejected by the powerful long-running trend line, $8,400 resistance send Bitcoin back south

  • Bitcoin down 4.5% on Monday, as the price is rejected by a strong trend line at $8,400.
  • Next support to the downside is seen at $6,700, potentially erasing last week’s gains.

 

The Bitcoin price is seen down around 4.5% during trading on Monday, after running into resistance during the early part of the session, at $8,400. Moving in lock-step with the cooling in prices across the board for the major altcoins.

Last week Bitcoin had a very strong run of gains, seeing BTC/USD advance by around 25%, rising from lows of $6,600, up to highs of $8,450, before being stopped by a strong touted area of resistance. The bears have not wasted time in moving in to sell the rallies seen.

BTC/USD has hit resistance during the session, which was seen at the trend line that had previously been supporting the price, running from September 2017. The price was rejected again, as this trend line now proves to act as a strong barrier. Next downside support is not seen until $6,700, which would see much of the gains erased of last week.

 

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 securities. 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 Forex 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.