Bitcoin’s current price is $84,160, with a market capitalization of $1.66 trillion. The 24-hour trading volume stands at $15.07 billion. A tight trading band between $83,000 and $84,500 is observed on the 1-hour chart, indicating accumulation after rebounding from $83,142.
For aggressive scalpers, entry points are forming between $83,500 and $84,000, with suggested exits around $85,000 to $85,500. However, low trading volume in recent sessions raises caution, as any move lacks momentum confirmation.
The 4-hour chart shows a consolidation channel between $83,000 and $84,500, with resistance near $85,000. A recent bullish push has failed to produce a clean breakout, suggesting that upward moves remain tentative.
The daily chart analysis indicates a larger pattern of consolidation below the $85,000 level following a steep decline to $76,600. Critical resistance is located at $86,500, and a successful break above this level could validate a bullish reversal aiming for the $90,000 zone.
Oscillator indicators present a neutral outlook for bitcoin, with the relative strength index (RSI) at 46, the Stochastic oscillator at 63, and the commodity channel index (CCI) at −11. The average directional index (ADX) at 33 and the awesome oscillator at −3,331 also reflect indecisive market conditions.
Moving averages broadly align with a bearish outlook in the mid-to-long-term, but near-term ambiguity exists due to conflicting signals from exponential and simple moving averages. A strong close above key moving averages would reinforce upside momentum and potentially re-establish a mid-term bullish trend.
Key Takeaways:
* Steady compression ahead as traders await a breakout signal
* Bullish reversal possible if $84,800-$85,000 resistance range is breached with meaningful volume
* Failure to breach $85,000 mark could see bitcoin slide back toward $83,000
Recommendations:
* Conservative long entry above the $84,800 mark, contingent on stronger volume confirmation
* Risk-conscious traders may consider a safer long position for positions below $82,000
Source: https://news.bitcoin.com/bitcoin-price-watch-tight-range-signals-a-major-move-incoming