Ken Chigbo
Independent Analyst
- Bitcoin on Monday has remained on the back-foot, down around 1%, with eyes on support being tested.
- BTC/USD price action has been narrowing over the past two sessions, making it appear vulnerable to another drop.
The Bitcoin price was seen on the back-foot throughout Monday’s sessions, continuing the soft trading that has been in place since the 23rd July sell-off. Across the board the cryptocurrency market has been very unstable, since the decent rally from 16th – 23rd July. Some participants had hoped this was the start of the bull-run again.
BTC/USD saw large buying pressure from 16th July, where the price gained over 36%, highs were seen at $8507. Given the big run in such a short-time period, it did make the price susceptible to a pullback, it has lost almost 20% of that upside move.
Technically, BTC/USD is currently dipping in and out of near-term support, tracking from $6900-6800, a breach can see a fast fall to around $6100, where the next demand zone is seen. Given the number of times this has been tested, it makes it liable.
BTC/USD 60-minute chart
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