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Bitcoin price analysis: BTC/USD eyes on deeper moves south

FX Street
Updated:
  • Bitcoin is trading in negative territory by some 2.2% in the latter stages of the day.
  • BTC/USD near-term price action has formed a bearish pennant pattern.  

 

The Bitcoin price late on Wednesday is nursing losses of some 2.2% in the latter stages of trading.

BTC/USD has been subject to further selling pressure, as the bears’ control to retain control of the direction.

Technically, near-term price action is pointing to another push to the downside. BTC/USD via the 15-minute chart view is moving within a bearish pennant pattern structure, subject to a breakout south. The critical daily support that should be noted is tracking at $7800, failure to hold could invite a stronger wave of selling pressure.

BTC/USD 15-minute chart  

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