Bitcoin Price Analysis: BTC/USD testing critical daily support

Bitcoin price in the latter stages of Wednesday is holding gains of some 2%, after initially being under pressure.
BTC/USD was caught by a large daily support area at $7650, a breach would have exposed $7000.

Ken Chigbo Independent Analyst

The Bitcoin price in the latter stages of trading on Wednesday is trading with gains of just over 2%. It was initially under some selling pressure in the early part of the session, however managing to recover.

BTC/USD price action had extended to the downside after a break on Monday from a key daily ascending trend line. Bitcoin managed to bounce off a key daily support area around $7650, if breached could have seen a fresh wave of selling pressure.

Given the recent daily support that came into action, eyes are on a potential retest of the breached trend line. If a rejection is seen, it could then see resumed downside pressure. Should the noted $7650 support be broken, then $7000 would be at threat of a breach.

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.

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