- Bitcoin seen holding decent gains of over 2% on Tuesday, as bears take a break from selling.
- BTC/USD is finding it quite some challenge to break down resistance at $7,155.
Bitcoin price seen up over 2% on Tuesday, after bears slow down from the recently strong applied selling pressure. BTC/USD has enjoyed some relief upside, however struggling to break down resistance at $7,155.
BTC/USD has been within range-bound trading and consolidation mode since 4th August, after the chunky drop from the weekend. Bitcoin has failed to have stable footing since the rally seen in the back end of July, where the price breached the $8,500 mark.
Technically, BTC/USD price action has formed a bearish flag pattern, with the price moving sideways, strongly indicating of another potential drop down to the deep south. The demand zone tracking from $6,900-800 will need to be cleared for big moves lower.
BTC/USD 4-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.