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Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier

  • Bitcoin price is trading in negative territory, down 2.50% in the second half of the session. 
  • The price is pushing for another big retest of a breached bearish flag structure. 
  • Upside is extremely limited by a barrier of resistance, at the $6500-$7000 price range. 

 

BTC/USD daily chart

The price remains within consolidation mode, moving within a rising channel formation, at risk of breakout. 

BTC/USD 60-minute chart

Price action broke out and retested a breached 60-minute pennant pattern. 

Spot rate:                 6468.12

Relative change:     -2.50%

High:                        6437.11

Low:                         6182.27

 

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