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  • Bitcoin price seen nursing losses of around 4% in the latter stages of trading on Tuesday.
  • BTC/USD makes a break south from a rising channel pattern, support gave way around $6040.

 

The Bitcoin price was seen down some 4% within the latter stages of trading on Tuesday, there have been periods of bull moments, however quickly sold again by bears. This comes inline with the mass cooling still being observed across the crypto market.

After the chunky sell-off during the Asian market hours, BTC/USD price action formed a rising channel pattern. This has since been breached by the bears, breaking the lower tracking ascending trend line.

Technically, BTC/USD is vulnerable to some further selling pressure, given the breach of the rising channel. A test of the lows printed in Asian is likely to come into play, seen at $5858.6, which could invite a very fast drop down to $5500 if breached. The demand zone tracks from $5900-800. Resistance is tough from $6050-180.

 

BTC/USD 30-minute