- BTC/USD recovered stalled on approach to $8,400.
- Consensus conference failed to boost prices to the disappointment of many.
Bitcoin is marginally unchanged since the start of the day, trading at $8,322 at the time of writing. The coin came close to $8,400 handle during early Asian hours, but the momentum was not strong enough to push it higher.
Bitcion has been trading well below $9,000 since May 11, despite all the fuss and buzz about Consensus conference with Lambos parked at New York Hilton in Midtown NYC. Obviously, the mid-April rally is over as digital currency No. 1 experience difficulties with finding causes for sustainable growth.
“After holding $9k support for several weeks, bitcoin finds itself under this widely watched support level. As I warned readers two weeks ago, there comes a point where support turns into stalling. That is what happened here,” explains Jani Ziedins from Cracked Markets
“I’m skeptical of BTC at these levels and it needs to recover $9k as soon as possible to prove me wrong. Otherwise, expect nervous selling to return and push us back under the $6k lows.”
Bitcoin's technical picture
Technically, BTC/USD is moving within a large triangle pattern with the upper line currently at $9,700 and the lower boundary at $6,900. These are long-term reference points for Bitcoin traders, that will define the long-term bias. Meanwhile, the short-term resistance is created by $8,400 and followed by $9,000. The support is seen at $8,100 and $8,000.
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 assets. 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 Open Markets 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.