Bitcoin price analysis: BTC/USD two barriers in the way of $9000 return
- Bitcoin price late on Wednesday was holding gains of 2.5%, as the bulls attempt to resume upside momentum seen early in the month.
- BTC/USD trading conditions still remain narrow and limited at present.
Bitcoin price in the latter stages of trading on Wednesday is holding minor gains of 2.5%. The bulls managed to regather some upside momentum, but the price continues to remain stuck within a narrow daily range.
BTC/USD has been trading within narrowing trading conditions since 4th June, after losing upside momentum earlier in the month. The bulls lost much ground after briefly touching the $9000 price territory.
In terms of resistance, the upside is capped by daily resistance around $8200 area. Further north, a heavy supply zone is seen from $8800 up to $9000. These are the last major barriers ahead of a firm $9000 return.
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.
