- Bitcoin recovery stalls short of $8,400 amid a generally dull market.
- Declines towards $8,000 will find buyers around $8,100 ready to pull it above $8,400.
Bitcoin is range-bound after the recovery stage from the support at $7,800 fizzled out around $8,400. This left the critical level at $8,400 untested. BTC immediate lower correction found support at $8,150. The high congestion of buyers above $8,000 saw another shallow recovery but the price is lethargically range-bound between $$8,350 and $8,150.
At the time of writing, Bitcoin is trading at $8,289 amid an improving technical picture. The trading volume is also in green and expanding. Resurfacing above $8,300 will encourage the buyers to increase their entries. However, the most important move is to come out of the narrow range and reclaim the position above $8,400.
BTC/USD 4-hour chart
The four-hour chart shows the Moving Average Convergence Divergence (MACD) in the positive region. The bullish cross clearly displays a bullish picture and the fact that the buyers are gaining traction. As long as the indicator stays in the positive region, BTC/USD action towards $8,400 is bound to continue.
BTC/USD 60’ chart
According to the one-hour chart, Bitcoin is approaching a buy zone. The downside is protected by the former channel resistance which has been turned into a viable support area. In the event, Bitcoin dives back under $8,200, the congestion of buyers within the range at $8,100 and $8,200 will easily force another reversal towards $8,400.
Bitcoin Key Technical Indicators
Spot rate: $8,263
Relative change: 50