Bitcoin price analysis: BTC/USD takes a bounce off key support, after the attack by market bears as the price their runs into their territory
- Bitcoin down ever so marginally on Thursday as the price bounces back from Wednesday selling pressure.
- Bulls will look at regathering momentum for another attempt at breakdown $9,500-10,000 supply zone.
The Bitcoin price is trading in negative territory will small losses on Thursday, but the price makes a bounce back after the heavy selling pressure endured on Wednesday. Bitcoin managed to receive support at an ascending trend line, $8,700-8,600.
BTC/USD on Wednesday ran into the above-mentioned strong touted supply zone, with the bulls failing to break this down in the trend higher. The pullback wasn’t too surprising given the consistent and big bull run of late.
Given current technical developments, the ascending trend line has proven its strength, after supporting the price during a session of heavy selling pressure. The bulls will look at taking a boost from this, to push forward for another attempt at breaking down $9,500-10,000 region, which would then reopen doors for the high $11,000 area. Support for now remains firm at $8,700-600, however if it continues to get tested, then it may give way and see Bitcoin fall back down to $6,000 region.
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.
