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Bitcoin Price Analysis: BTC/USD set for another big potential $3000 retest

  • Bitcoin price late on Friday was trading marginally in positive territory by some 1%.
  • BTC/USD is moving within a range-block, subject to downside risks.
Bitcoin Price Analysis: BTC/USD set for another big potential $3000 retest
Ken ChigboKen ChigboIndependent Analyst

The Bitcoin price late on Friday holding gains of 1.1%, despite the minor gains, consolidation mode can be observed. Price action once again has narrowed over the last four sessions, after a breakout to the downside was seen.

BTC/USD is trading within a narrowing daily range, $3500 to the upside, with lower support tracking at $3300. Since the start of this year, there have been series of periods where the price trades sideways to then break south.

The next committed move will come on a breakout, of either of the above-mentioned levels of the range. Eyes are on another retest of the December low area, $3100 mark initially, then to see the psychological $3000 level challenged.

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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