Bitcoin price analysis: BTC/USD locked in a range unfazed by a positive buzz from crypto experts


  • BTC/USD is rangebound after sell-off in the end of the previous week.
  • The long-term picture remains positive.


Bitcoin has been locked in a tight range since the beginning of the week. The first digital coin has been oscillating between $5,200 and $5,100 levels with occasional and short-lived ventures outside the range. At the time of writing, one Bitcoin goes for $5,139 amid shrinking volatility. 

Meanwhile, many cryptocurrency experts, including the head of Fundstrat Tom Lee, wait for an extended recovery as the crypto winter is over. To prove his point, he defined 11 signals that usually take place in a bull market.

Bitcoin has grown by 50% in recent three months and gained 40% since the beginning of the year which may be interpreted as a bullish sigh in the long run.

However, the short-term picture is less inspiring at this stage as the first digital asset is locked in a tight range with the initial resistance seen at $5,200. Once this hurdle is out of the way, the recovery may be extended towards $5,250. This resistance is created by SMA100 (4-hour) and the broken upside channel support. Meanwhile, the ultimate barrier comes at $5,300 with SMA50 (4-hour) on approach. A sustainable move higher is needed to make sure that BTTC is out of the woods.

On the downside, keep an eye on $5,100-$5,070 area as it separates the coin from the psychological $5,000. This barrier is likely to attract buyers and stop the sell-off. However, if it is broken, the downside movement will gain traction with the next focus on $4,800.
 

BTC/USD, 4-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP