BTC/USD another session in the range block risks further downside

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  • Bitcoin price is trading marginally in the red, down some 0.20% in the second half of the session. 
  • BTC/USD continues to move within a narrowing range block formation vulnerable to downside risks. 
  • Upside remains limited and short-lived, rallied seen are quickly sold by the market bears. 

 

BTC/USD daily chart

Bulls will need to smash out to the upside from the range block in order to change the current downside trend. 

BTC/USD 60-minute chart

 A heavy near-term barrier of supply can be observed around $8,300 preventing further moves north. 

 

Spot rate:                  8,215.20

Relative change:      -0.20%

High:                         8,237.83

Low:                          8,119.81

 

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