Bitcoin technical analysis: BTC/USD vulnerable after $7000 price breach

Bitcoin price is trading in negative territory, down some 1.90% in the second half of the session.
BTC/USD continues to be firmly locked within the market bears control, following the $7000 breach.
The next major area of interest will be sought down at $5000 as seen via the weekly.

Ken Chigbo Independent Analyst

BTC/USD weekly chart

The price remains tilted to the downside, with the price running towards its third consecutive week in the red. Downside pressure has been in play since late June.

BTC/USD daily chart

Price action is consolidating and retesting the breached critical zone $7000-6800. Rejection could prove to be punishing.

Spot rate: 7100.44,

Relative change: -1.90%

High: 6934.03

Low: 6720.76

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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