- Bitcoin price on Wednesday was nursing losses of some 2%, as it remains vulnerable to downside risks.
- BTC/USD price action has formed a bearish flag pattern, subject to a breakout lower.
The Bitcoin price has been in control of the bears throughout the session on Wednesday. Currently nursing losses of around 2%. Flirting with vital daily support, which is seen at 29th January low, $3341.58.
BTC/USD over the past nine sessions has been moving within a narrowing range formation, as seen via the daily chart view. It almost appears to be potential bearish flag pattern, then pole being the fall from 26-29th January.
In terms of key barriers to note as support, aside from the above-mentioned $3341.58. Daily confluence detector; $3352.29, daily Bollinger Band low, $3317.24, monthly pivot point support, lastly, $3142.01, monthly pivot point support.
BTC/USD daily confluence detector
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