Bitcoin market update: BTC/USD stuck in a range amid broad-based calmness

  • Bitcoin appears to be forming a doji candlestick hinting growth.
  • Bitcoin expected to dance between a range with a lower limit at $7,600 and an upper limit at $8.000.

Following the declines on Tuesday this week, BTC/USD made a shallow recovery stepping above $7,900 before forming a high around $7,929.31 yesterday. The stalled recovery has, however, formed a higher low pattern in comparison to the recent lows slightly above $7,440. In fact, Bitcoin has established short-term support at $7,600.

Meanwhile, the largest crypto is exchanging hands at $7,7644 at press time with its upside immediately limited by the 50 Simple Moving Average (SMA) currently at $7,792.64. Bitcoin appears to be forming a doji candlestick that hints growth in the short-term above the rising trendline support.

The widening moving average between the 50 SMA and the 100 SMA indicates that the sellers are not ready to give way to the battered bulls. Besides, the RSI is trending sideways above the average to show that the path of least resistance is sideways, at least for now. The same sideways trend is emphasized by the MACD which is currently holding tight to the mean line (0.0).

In the short-term investors can expect Bitcoin to dance between a range with a lower limit at $7,600 and an upper limit at $8.000.

BTC/USD 1-hour chart


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