Ken Chigbo
Independent Analyst
- Bitcoin makes a jump of 4% in the afternoon during Thursday’s session, flirting with $7,500.
- Bears may look to reapply pressure for a downside target of $6,500.
The Bitcoin price shot up around 4% on Thursday, after hitting lows within the session at $7,260, momentum to the upside however may not be sustainable. Bitcoin has encountered heavy selling pressure over the course of this week and even past three weeks, so it was not a shock to see the bears take their feet of the gas.
BTC/USD trading in its third consecutive week in the red, having dropped over 25% within this trading period. Ultimately looking over the longer-term Bitcoin is within an upward trend, however for this year so far 2018, it has found itself stuck within a very stubborn bearish move lower, down 60% from the start of 2018.
Technically, despite the recent bounce through the midpoint on Thursday, it still looks vulnerable to bears reapplying the pressure. There has been buying interest around current levels of $7,500 previously, should this move fail to sustain, next target would be around the $6,500 region. Resistance is not seen until back around $8,500 area.
BTC/USD weekly chart
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