Search ForexCrunch
  • The Bitcoin price nursing very minor losses in the latter stages of trading on Tuesday, down some 0.5%.
  • BTC/USD slipped into a vital demand zone, with buying coming into play right away to keep the price propped up, preventing potential free-fall.
  • Bulls will be eyeing another retest of stubborn descending trend line, seen just ahead.

 

The Bitcoin price in the latter stages of trading on Tuesday was trading very marginally in the red, after a generally muted session. BTC/USD continues to demonstrate a lack of commitment with regards to trend.

BTC/USD has been dictated by a descending trend line, which was been running since 28th September. The price has failed to break above this on each time it meets with the resistance, being sent back south.

In the late part of Tuesday’s session, the price came under some minor selling pressure, requiring some support to come to the rescue. A demand zone tracking from $6450-6475, came into play, which observed decent bidding to prop this price back up. This area was also of firm assistance during the selling pressure seen on 29th September.

BTC/USD 60-minute chart