- Bitcoin unexpectedly jumped a big 4.5%, after starting the session slow on Monday.
- Eyes are on a potential large bearish flag structure, as seen via the daily chart.
Bitcoin price was seen up a decent 4.5% in the very late stages of trading on Monday. The bulls unexpectedly returned to the market, in the second half of trading. BTC/USD had jumped a big 4.5% in an hour, after trading flat initially for first part of the day.
Despite the detailed gains above, BTC/USD price action is still moving within a range-block formation, with price narrowing. It has been moving within just over a $1000 price range, since the back-end of November. The low noted at $3100, with the upper part of the range at $4200. These are the significant levels to note.
The current daily technical movements, can be eyed as a potential bearish flag structure. In terms of the pole, this being formed as part of the heavy November selling. The flag being formed within the current consolidation state, as mentioned from the back-end of November to-date.
BTC/USD daily chart
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