Bitcoin Price Prediction: BTC/USD may not get to see $5000 again for a long time
- Bitcoin price is seen trading in minor negative territory, down around 0.4%, late on Tuesday.
- There appears to be much in the way of greater upside, several strong barriers running through the $4000 territory.
Bitcoin price late on Tuesday is very minor nursing losses of some 0.4%. BTC/USD has been trading broadly range-bound in the session, as players remain very cautious, following the heavy selling pressure on the weekend.
BTC/USD volumes have been declining over the past two sessions, after the big drop observed on Sunday. They are at their lowest level seen since the early part of the month. Market participants appear to be thinking twice before firm commitment in either direction.
Technically, much resistance can be observed from the early $4000 territory, running up to $4500. There are many barriers that have formed now, which is going to continue to make life hard for the bulls, in any attempt of recovery.
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.
