Bitcoin price analysis: BTC/USD stays below $8,400; analysts get skeptical about Bitcoin growth

BTC/USD recovered stalled on approach to $8,400.
Consensus conference failed to boost prices to the disappointment of many.

Tanya Abrosimova Independent Analyst

Bitcoin is marginally unchanged since the start of the day, trading at $8,322 at the time of writing. The coin came close to $8,400 handle during early Asian hours, but the momentum was not strong enough to push it higher.

Bitcion has been trading well below $9,000 since May 11, despite all the fuss and buzz about Consensus conference with Lambos parked at New York Hilton in Midtown NYC. Obviously, the mid-April rally is over as digital currency No. 1 experience difficulties with finding causes for sustainable growth.

“After holding $9k support for several weeks, bitcoin finds itself under this widely watched support level. As I warned readers two weeks ago, there comes a point where support turns into stalling. That is what happened here,” explains Jani Ziedins from Cracked Markets

“I’m skeptical of BTC at these levels and it needs to recover $9k as soon as possible to prove me wrong. Otherwise, expect nervous selling to return and push us back under the $6k lows.”

Bitcoin's technical picture

Technically, BTC/USD is moving within a large triangle pattern with the upper line currently at $9,700 and the lower boundary at $6,900. These are long-term reference points for Bitcoin traders, that will define the long-term bias. Meanwhile, the short-term resistance is created by $8,400 and followed by $9,000. The support is seen at $8,100 and $8,000.

BTC/USD, the daily chart

Author

Tanya Abrosimova

Independent Analyst

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