Bitcoin Price Analysis: BTC/USD why are buyers so afraid to commit?

Bitcoin price on Thursday after starting the session with gains, saw those taken away swiftly once again by the bears.
BTC/USD critical demand area of $3600-500 continues to be tested by the market bears.

Ken Chigbo Independent Analyst

Bitcoin price on Thursday gave back its early advances, now to be trading down into afternoon trading. Bears continue to sell any short-term rallies that are observed for BTC/USD, buyers remaining reluctant to commit.

Within this month’s finder cryptocurrency report, one the panelists, Muneeb KhanAuthor from Bit Trade, expects $3,000 by January 2019.

He said:

“After trading through and closing below $5,775 on a weekly basis, the path of least resistance looks to be a move toward $3,000. We are in oversold territory at the moment, so we may get some minor rallies, but these are likely to be sold by the bears.”

The vital demand area should be closely watched, this is tracking from $3600-500 price range. Any breach here could be catastrophic, inviting a fast potential move down the next sought area of support, $3000.

BTC/USD 4-hour 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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