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Bitcoin Price Under Pressure, Levels to Watch

BTCUSD - Bitcoin Price USD
BTCUSD - Bitcoin

Bitcoin price rejected for the third day in a row around 8800 mark and sellers took the control pushing the Bitcoin price USD to the lower band of the recent trading range.  Bitcoin price USD stalled at 8460 the low from January 19th session. Even the crypto pair started yesterday on the positive foot the failure to break above the upper bound ($8800) of the recent consolidation range attracted sellers. Now bitcoin bears need a break below the $8500 area that might open the way for lower levels.

In a move that enhances the broader approval of cryptocurrencies several major central banks. The BOE, ECB, BOJ, SNB, BOC, and Riksbank decide to form a working group to share experience on digital currencies. The major central banks will explore potential cases for central bank digital currencies.

Read our Best Trading Ideas for 2020.

Bitcoin Price USD Technical Outlook

Bitcoin is testing the support at $8500 which is a critical point for the short term path of BTCUSD. For now the consolidation range between $8500 and $8800 is intact .

On the downside, intraday support will be met at $8,460 the daily low. If bitcoin breaks below, the next support area stands at $8,128 the January 14th low. A credible break below the 100-day moving average at $7983 would cancel the bullish momentum.

On the upside, immediate resistance stands at $8,665 the daily high. If bitcoin breaks that level, the next resistance will be met at $8784 the high from January 22nd.  More offers might emerge at $8988 the 200-day moving average.

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