- Bitcoin up over 2% in the latter part of Wednesday, in another day fuelled with bullish sentiment.
- As BTC/USD cools from the session highs, eyes are on the near-term ascending trend line for support.
The Bitcoin price in the late part of Wednesday is seen trading up with gains of 2%. BTC/USD is cooling after a decent initial rally. It had printed session highs up to just touch the $4000 territory, highest since 5th December.
After a chunky surge to the upside, the price was subject to touted profit-taking. This following the run into resistance at the psychological $4000 mark. Markets continue to speculate as to whether the bottom earlier this month, is the start of a solid recovery.
The vital key for a much stronger wave of buying pressure, would be for the BTC/USD bull to breakdown $4000. Given the current cooling, eyes will be on whether the near-term ascending trend line can cushion the price. Support should be noted around $3650-700 price range. A breach could see a fast fall back towards $3000.
BTC/USD 60-minute chart
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