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Breaking: BTC/USD drops heavily by some 4% as $7000 firmly loses ground

  • Bitcoin price comes under heavy selling pressure late on Monday, down over 3% in the session.
  • BTC/USD price action broke out to the downside from a bearish pennant structure. 
Breaking: BTC/USD drops heavily by some 4% as $7000 firmly loses ground
Ken ChigboKen ChigboIndependent Analyst

Bitcoin price has come under heavy selling pressure in the latter stages of trading on Monday.

The bears attacked the pychological $7000 price mark, which gave way, likely triggering some stops to the downside. 

Near-term price action was moving within a bearish pennant structure, of which the sellers managed to capitalize on. 

BTC/USD 60-minute chart

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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