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Bitcoin technical analysis: BTC/USD sellers are knocking on the door of a devastating $8000 break

  • Bitcoin price is trading in negative territory, down some 0.70% in the second half of the session. 
  • BTC/USD vulnerable to a fresh wave of selling pressure should daily support at $8000 be broken.
  • Price action is consolidating ahead of further potential committed moves to the downside.
Bitcoin technical analysis: BTC/USD sellers are knocking on the door of a devastating $8000 break
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The critical $8000 mark is holding for now, as the bears continue to knock on the door. 

BTC/USD 60-minute chart

Price action has broken out of a near-term bearish flag pattern via the 60-minute view. 

Spot rate:                    8,074.86

Relative change:       -0.70%

High:                          8,148.95

Low:                           8,029.71

Author

Ken Chigbo

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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