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  • Bitcoin price on Friday has managed to bounce higher after starting the session initially on the back foot, after heavy selling late Thursday.  
  • BTC/USD is sitting on a critical ascending trend line of support, a breach would be catastrophic, potentially bringing $4000 back into play.  
  • Near-term price action via the near-term via, 60-minute, appears vulnerable to further downside.  

 

Spot rate:                 5160.71

Relative change:      +3.55%

High:                        5286.82

Low:                         5060.74

 

BTC/USD 60-minute chart

  • Price action via the 60-minute chart view is moving within a bearish pennant structure.  

BTC/USD daily chart

  • The price is sitting on a game-changing trend line of support, failure to hold could force a steep drop down to $4000.