- Bitcoin (BTC) is locked in a tight range, however, the bias is negative.
- The vital support is created by Weekly SMA50 on approach to $8,850.
Bitcoin (BTC) has barely moved since the start of the day. The first digital asset is locked in a tight range limited by $9,200 on the upside and $9,000 on the downside with no clear understanding where from here. Bitcoin's market capitalization is registered at $168.45, while its market share is registered at 62.3%.
Bitcoin's on-chain data
According to Intotheblock data, only 69% are making money at the current BTC price, which is the lowest level in the recent seven days. The statistic is hardly surprising as BTC/USD has lost about 1.5% of its value on a week-on-week basis.
Notably, the number of large transactions increased to 12,480 during the past week even despite the price decrease. A transaction that exceeds $100,000 is considered large. The same is true about the total volume of the large transactions, that have been growing recently.
BTC/USD: Technical picture
Bitcoin has been drifting towards the lower boundary of the current consolidation range since the start of the week. The channel support is created by psychological $9,000 with the lower line of the daily Bollinger Band located on the approach to this barrier. Once it is out of the way, the upside is likely to gain traction with the next focus on vital support $8,850 created by a combination of daily SMA100 and weekly SMA50. This area has been limiting the decline since the beginning of May, and most likely it won't be taken out from the first try even if the bearish momentum gains traction.
BTC/USD daily chart
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On the upside, the initial resistance is created by $9,200 with 1-hour SMA100 and SMA200 located around this barrier. Once it is out of the way, the upside is likely to gain traction with the next focus on an even stronger barrier that comes at $9,400. This is the upper boundary of the recent consolidation channel reinforced by daily SMA50 and the upper line of the daily Bollinger Band.
BTC/USD 1-hour chart
-637305778329668582.png)
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