Bitcoin Price Analysis: BTC/USD current price behaviour is spelling potential disaster
|- Bitcoin price on Friday was trading within consolidation mode, after the brutal selling on Wednesday and Thursday.
- BTC/USD has a huge challenge near-term, trying to break down resistance to get anywhere near $7K again.
The Bitcoin price was seen trading within consolidation mode on Friday, with the crypto market prices seen as generally cooling across the board. The bounce being observed may just be some very temporary form of consolidation.
BTC/USD managed to find some footing at $6300 in the session on Thursday, bouncing few percent higher. There is much of a challenge ahead now for Bitcoin, if the bulls want to push back towards $7000 again.
Technically, BTC/USD could still be very much vulnerable to an attack causing additional selling pressure. Price action is moving within a range-bound nature, which could be setting up for another fall and retest of the low on 6th September down at $6300. Near-term top is seen at $6500-6550, where several rejections have been seen recently.
BTC/USD 4-hour 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.