Ken Chigbo
Independent Analyst
- Bitcoin price is trading in negative territory, down some 1.90% in the second half of the session.
-
BTC/USD continues to be firmly locked within the market bears control, following the $7000 breach.
-
The next major area of interest will be sought down at $5000 as seen via the weekly.
BTC/USD weekly chart
The price remains tilted to the downside, with the price running towards its third consecutive week in the red. Downside pressure has been in play since late June.
BTC/USD daily chart
Price action is consolidating and retesting the breached critical zone $7000-6800. Rejection could prove to be punishing.
Spot rate: 7100.44,
Relative change: -1.90%
High: 6934.03
Low: 6720.76
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.