Bitcoin Price Prediction: BTC/USD has its moment of shine swiped away by the bears

Bitcoin Price Prediction: BTC/USD has its moment of shine swiped away by the bears

  • Bitcoin price gave up its early gains which were seen in the initially part of Monday’s session, trading down 0.10%.
  • BTC/USD has rallies sold by market bears in no time, as price runs into supply area of $6600-500.

 

The Bitcoin price was seen down on Monday, after initially starting the session in positive territory, the bulls lost much momentum. It is evident across the crypto market that this long-run bear trend is not over yet.

BTC/USD has failed to sustain any bull run, since the decent gains seen back in mid-July, where the price ran from $6000 up to $8000+, before hitting a top and quickly paring those gains. Bitcoin has lost 12% in just the past 6 trading sessions.

Technically, the price is narrowing somewhat, supply area seen at $6600-500, with a demand area running from $6000-100. The 50MA on the 60-minute time frame is supporting the price at 6300, a breach will see a quick fall down to the mentioned demand area.

 

BTC/USD 60-minute chart

Bitcoin Price Prediction: BTC/USD has its moment of shine swiped away by the bears

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