fxs_header_sponsor_anchor

Bitcoin price analysis: BTC/USD capped from further downside by buying area within $8,000-8,500

  • Bitcoin nursing small losses of 1.5% on Monday, with buying seen from $8,000-8,500.
  • Newly formed ascending channel seen for BTC/USD on the daily time frame.

 

The Bitcoin price is nursing small losses on Monday of 1.5%, in-line with a continued cooling in prices across the board, seen within the crypto market. BTC/USD downside has remained limited, thanks to decent buying seen within $8,000-8,500 area.

BTC/USD has resumed the recent change in trend, that has seen bears flock back in trying to drag the price back down again. Bitcoin has been falling since the week commencing 7th May, where the price broke back out to the downside for the long-running ascending trend line. Losing around 16% within this time frame.

Technically, BTC/USD is now moving within a newly formed ascending channel, part of the formation being the above-mentioned long-running trend line. Strong buying has been seen within the $8,500-8,000 zone. Looking to the upside, a chunky supply zone still remains from $9,500-10,000.

 

BTC/USD daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.