No Man’s Land: Bitcoin Price Locked in $600 Range for 7th Day

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bitcoin has been trapped largely in the $7,500–$8,100 trading range since June 5.

A high volume falling channel breakout on the 4-hour chart, if confirmed, would revive the bullish outlook and open the doors to $8,500.

The 4-hour chart moving averages and trading volumes indicate the price is more likely to fall back to $7,500 in the next 24 hours.

A break below $7,500 would validate the bearish doji reversal confirmed by Sunday’s close below $8,000 and allow a deeper drop below $7,000.

Bitcoin’s (BTC) struggle for direction continues with prices locked in a tight £600 range for the seventh day running.

The leading cryptocurrency by market value fell below $8,000 and found acceptance below the historically strong support of the 30-day price average on June 4, opening the doors for a deeper correction.

However, since then, the downside has been largely restricted to levels near $7,500. Prices did print a low of $7,449 on June 6 before closing at $7,806, according to Bitstamp data. Further, Sunday’s drop to $7,511 was short-lived with prices bouncing back to levels above $8,000 yesterday.

At the same time, the bulls have repeatedly failed to force a sustained break above $8,000 over the last six days.

With prices largely range-bound, the immediate outlook is neutral. A convincing break above the upper edge of the range is needed to put the bulls back in a commanding position. Conversely, a break below the lower edge would again open the doors for a deeper price pullback.

As of writing, BTC is changing hands at $$7,820, representing a 1.2 percent gains on the day, having hit a high of $8,057 earlier today.

 

what do you see for the future life of the cryptoworld <long live crypto?

[Kate]

This was due to a whale who sold and bought away a price which made bitcoin crash and now it is back up yo the original price so that is always his too have. Hope it starts at 8k for long time.