- Bitcoin price holds modest gains of just under 1% on Wednesday, extended on Tuesday’s advance.
- A shift in sentiment is evident, given the price was under pressure at lows of $7040, in the early part of Tuesday’s session.
The Bitcoin price extended modestly on its gains made during Tuesday’ session, as it further seeks to claw back the losses encountered over the past sessions. After seeing an aggressive move to the upside yesterday, it isn’t too surprising observing this consolidation mode during Wednesday’s session.
Over the past 24 hours now, BTC/USD has been trading within a narrowing range of $100, but still gradually grinding higher. Clearly a very near-term shift in sentiment, considering the heavy sell pressure Bitcoin was encountering up until very early on Tuesday, where the price was at lows of $7042.
Above targets are eyed within a heavy supply zone, seen just ahead for BTC/USD, which is in proximity to the $7600 level. A retest of this area will come once and if the price makes an extended move through, to break the bull flag seen. Immediate upside resistance is seen at $7540, ahead of the supply zone within $7600 territory. Support is seen at $7470, the lower part of the bull flag pattern formation.
BTC/USD 60-minute chart
Follow us on Telegram
Stay updated of all the news
Bitcoin likely to remain in red through the next quarter if history is any indication
Bitcoin (BTC) price produced a monthly close at $27,210, noting a -6.92% return for May. The last-minute slide in BTC put an end to the four-month bullish streak that kickstarted the 2023 rally.
Ethereum vs. SEC: Implications of Wahis’ insider trading settlement on ETH
Ethereum (ETH) is the subject of a new controversy, with the second-largest crypto finding itself in the rut after the United States Securities and Exchange Commission (SEC) settled its insider trading case against the Wahi brothers.
Justin Sun’s TRON hits all-time high of 10.9M daily transactions, braving crypto winter
Justin Sun, the founder of TRON – one of the largest decentralized blockchain DAO ecosystems in crypto – shared a new milestone for the token on Thursday. TRON processed 10.9 million in daily transactions, hitting a record high.
Ethereum fees decline by 70% from 2023 highs as top DeFi protocols lose users
Ethereum is currently facing trouble in the spot market due to the broader market bearishness as well as investors' skepticism. But while the spot market only recently took a turn for the worse, the DeFi space has been only negative for a long time.
Bitcoin: BTC delays inevitable crash to $25,000
Bitcoin price is delaying a crash that has been brewing for roughly two weeks. A failure to push higher could result in a steep correction next week. The troubling macroeconomic conditions could be key in catalyzing and trigger a nosedive for BTC holders.