Bitcoin price prediction: BTC/USD modestly in the green for now, however an extended move higher of recovery looks imminent

Ken Chigbo
Ken Chigbo FXStreet
  • 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

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