Late on Wednesday, the price of Bitcoin was seen nursing minimal losses of just over 1% in the session, enjoying some stability within its present consolidation mode. However, an extended move to the downside could happen very soon.
Bitcoin (BTC) Price Today – BTC / USD
In the past two sessions, the BTC/USD price action has formed a bearish pennant structure, which is very vulnerable to an extended move to the downside. The formation came as the price consolidated, due to the heavy selling pressure that happened from 19th November.
Technically, given the present price structure, it stacks favourably on the bears court. Near-term support should be seen at $4292. Resistance been just ahead at $4529. $3050 will be the next major bearish target level.