Bitcoin Price Analysis: BTC/USD breaches a descending channel pattern to the upside, leaving door open for bulls to capitalize

On Monday, the Bitcoin price was seen trading marginally in the green, towards the latter stages of trading.

In the last 7 weeks, the price action of BTC/USD has been next to none. It has been trading within a tight range of $6600-6000, a range which Bitcoin didn’t see this time last year. Finder’s latest crypto report from their nine cryptocurrency panel experts, gave a Bitcoin price forecast that says that the median is very much some distance away, $8200.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$7,385.04
-1.48%
Ethereum (ETH)
$147.02
-1.98%
Bitcoin Cash (BCH)
$208.25
-2.28%
XRP (XRP)
$0.223782
-2.02%
Litecoin (LTC)
$44.47
-2.10%
Bitcoin Gold (BTG)
$5.75
-3.34%

Technically, due to a breakout to the upside from a descending channel pattern, it left the door open for further buying. At present, a pullback is being observed towards the top of the pattern, $6300, this may give room for further buying.

Looking further to the south, the next major demand zone is seen down within the $6200 territory. Considering upside targets, chunky supply remains tracking from $6500-600 region.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.