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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 analysis: BTC/USD two barriers in the way of $9000 return
Ken ChigboKen ChigboIndependent Analyst

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

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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