- Bitcoin late on Friday is nursing losses of over 1%, with further downside vulnerabilities.
- Price action has formed a bearish flag pattern, subject to a breakout south.
Bitcoin price in the latter part of Friday is seen trading down some 1%. BTC/USD players continue to be reserved, a lack of full commitment from the either buyer or seller camp. This all having been the case since the break lower on 11th January, when double-digit losses were recorded.
BTC/USD price action via the 60-minute chart view is moving within a narrowing range formation. This can also be seen as a bearish flag formation. The pole having been the fall from 20th January, with the range-block/flag of consolidation from 20th-25th January.
Keeping in mind the above described price behavior, the bearish flag formation is subject to a breakout to the downside. Vital near-term support should be noted at the $3500, a failure to hold could see a fast move down to $3000 mark.
BTC/USD 60-minute chart
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