Ken Chigbo
Independent Analyst
- Bitcoin price is trading in positive territory, up some 1.30% in the second half of the session.
- BTC/USD price action is within consolidation mode, has been since breaching $9000.
- Critical near-term support eyed at $8500, failure to hold could be punishing.
BTC/USD weekly chart
In terms of support to the downside, a big weekly level is observed at $7700.
BTC/USD daily chart
Daily price action is moving within a bullish flag structure, subject to a breakout.
Spot rate: 8,993.28
Relative change: +1.25%
High: 8,867.69
Low: 8,697.90
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