Bitcoin Price Analysis: BTC/USD moving like clockwork within this pegged range

Bitcoin price was nursing minor losses of just 0.5%, through the mid-point of Tuesday’s session.
BTC/USD shows no sign of breaking from this almost 3-week range, $6350-6800.

The Bitcoin price was trading in the red by a marginal 0.5%, through the mid-point of Tuesday’s session. Range-bound theme further shows no signs of being broken. BTC/USD appearing to be the most stubborn of late.

BTC/USD since 20 September has swung between $6350 up to $6800 territory. A $500 range, which has been the case for going on 3 weeks now. It is still somewhat concerning that the current range block, could be perceived a large bearish flag formation, after the heavy early September drop.

Technically, the price remains firmly controlled by the supply above and demand below, as mentioned in current range. Should the bulls manage to really test the upper resistance, there could be a huge relief rally, taking the price back towards where it peaked before the drop on 5th September. BTC/USD could very quickly gain ground through the $7000 territory. On the other side, a breach of the $6300 area, could be catastrophic. This could see a quick fall and a retest of the huge psychological $6000-5800 bottom range.

BTC/USD daily chart

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.