Bitcoin price is about 1.2% up in the past 24 hours at the time of writing, trading above $21,400 as bulls look to push higher.
The slight gains on the daily chart have two small green candles after six consecutive red ones.
However, with the broader market largely undecided, the bellwether cryptocurrency is still vulnerable to the sell-off that pushed BTC/USD from highs above $25,000 last week.
On Friday, BTC price fell nearly 10% as the broader risk assets market sank on news the US Federal Reserve was intent on maintaining a hawkish approach despite data suggesting a slowing inflation.
The risk-off sentiment saw Bitcoin hit its lowest price level in over three weeks ($20.760 on Coinbase, with the pair down nearly 12% this week). Here’s what legendary trader Peter Brandt says about the BTC price movement:
The benchmark cryptocurrency is therefore poised at key downside targets, Brandt said as pointed to a chart indicating a breakdown from an ascending wedge.
Buyers should regularly step in around those zones.
The last major breakdown below $20,000 saw BTC/USD fall to lows around $17,600.
The post Bitcoin price: Peter Brandt suggests possible bottom for BTC appeared first on CoinJournal.
