Ken Chigbo
Independent Analyst
- Bitcoin jumps over 5% in just around 1 hour, as price looks to move back above $7,500.
- Key near-term buying areas track from $5000-6500, a breach below could send BTC/USD into free-fall mode.
The Bitcoin price did start on the back foot on Tuesday, before then spiking higher, as it try’s recover the bad start to the trading week. The market sentiment and the current bearish trend has been very much stubborn.
BTC/USD is only around 10% away from a strong touted buying zone, should the bearish price pressure resume, an area historically that has really proven to see some interest come back into Bitcoin. During the price pressure in March and April, then at the back-end of 2017, where Bitcoin consolidated for a short-period before continuing its strong surge higher.
Several players are expecting to see strong renewed sentiment, once BTC/USD drops within the $6000 price region. Near-term demand zones track from $5000-6500, any pressure further to the downside through these areas, could really send Bitcoin free-falling south. Resistance is seen at $7600 and then not until the early $8000 territory.
BTC/USD 30-minute chart
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