Bitcoin Technical Analysis: BTC/USD may have to return to $3000 territory if $5000 fails to hold
- Bitcoin price on Thursday took a beating, nursing steep losses of some 4.3% in the second half of the day.
- BTC/USD is at a threat of losing the $5000 price mark, given the current downside momentum.
- If the psychological $5000 loses ground then BTC/USD could soon be back down within the $3000 price region.
Spot rate: 5058.28
Relative change: -4.35%
High: 5342.39
Low: 4969.03
BTC/USD 60-minute chart
- Bears broke a key near-term supporting ascending trend line which added to some downside pressure.
BTC/USD daily chart
- Failed to breakdown the supply area which tracks from $5100-5300 price range, ahead of the $5500 price mark.
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.
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