Bitcoin price analysis shows BTC/USD returning above $8,000 was short lived. But is the dream of $9,000 now dead for the bulls in the near term? Let’s take a look.
Bitcoin Price Analysis: Recap
Today, ramped up selling pressure has extended Bitcoin’s distance from the psychological level by $200, leaving bullish traders fighting to defend the $7,800.
Looking back at the BTC/USD 30-minute chart we released yesterday, we can see that the price managed to breakout of the downtrending channel during the late hours of May 21, and rally all the way to the 1.272 fibonacci extension level at $8,105 before correcting.
From there, the asset found new support along the 1.0 fibonacci level until midday today (UTC+1 time), when bear traders forced the price action back into the downtrending channel.
Looking at bitcoin price 00 right now over this time period, it appears that bullish traders have managed to regain some composure along the $7,800 level, and are attempting to pushback against the downtrend.
Bitcoin 4-Hour Chart