Bitcoin Price Key Highlights
- Bitcoin price recently made a break lower from a consolidation pattern but popped up higher once more.
- Price is now nearing the $680 level, which has held as short-term resistance.
- If this continues to act as a ceiling, bitcoin price could make another test of the near-term support at $620.
Bitcoin price appears to be moving sideways between $620 and $680 while traders wait for larger market catalysts.
Technical Indicators Signals
The 100 SMA is completing an upward crossover from the 200 SMA, signaling that buyers are trying to take control of price action. If so, an upside breakout from the range resistance could be seen, taking bitcoin price up by $60 or the same height as the rectangle formation.
However, stochastic is on the move down, indicating that sellers are taking the upper hand. This could be enough to send bitcoin back to the bottom of the range or at least until the dynamic inflection points at the moving averages.
RSI is also on the move down to show that bearish pressure is building up. If sellers push harder, a break below support could send bitcoin lower by $60 or the same size as the range.