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  • Bitcoin price is trading in the red, down marginally by some 0.10% in the second half of the session.  
  • BTC/USD has been consolidating over the last six weeks, following the heavy fall in November.
  • The big barrier of $7500 continues to act as a cap to any upside pressure.  

 

BTC/USD weekly chart

Weekly price action remains intact within a bearish pennant formation, as BTC heads for another week in the red.  

BTC/USD daily chart

The price is heading for its fifth consecutive session in the red, as markets bears maintain full control. Price action is moving within a narrowing range block formation, given the lack of commitment for now.

 

Spot rate:                   7150.86

Relative change:       -0.10%

High:                         7237.59

Low:                           7031.86