Bitcoin Price Prediction: BTC/USD is well within a strong buying zone, but bears are attempting a breakdown
- BTC/USD is heading for its second consecutive week trading in negative territory.
- Over the past six weeks Bitcoin has lost over 30% in value.
The Bitcoin price was hit again on Friday, pushing it further within negative territory on the week, which has mentioned, marking another close within the red. These moves coming in-line with the rest of the crypto market, as it continues to encounter cooling.
Sentiment across the markets over the past weeks, has largely been within the bears favor. In terms of news flow; a Uni. Of Texas study suggested much of Bitcoin’s rise last year was due to price manipulation via Bitfinex, South Korean exchange Coinrail was hacked for around $40million and then SEC Chairman Clayton calling for regulatory oversight of cryptocurrencies.
Technically, BTC/USD on the daily time frame, is still well within a historically strong buying zone, which tracks from $6500-6000, an area that has proven to prop up the price. However, Bitcoin has tested this area on a few occasions within the past week, which may cause some concerns, as the bears may potentially be attempting a breakdown of this zone. On the flipside, there doesn’t appear to be much in the way of resistance, until back above $8000 area.
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.
