Bitcoin price analysis: BTC/USD locked in a tight range

Bitcoin price is hovering above $10,300 following a weekend of low trading activity. However, its altcoin peers are performing relatively better led by Ethereum. The entire market is painted green on Monday with most assets posting gains between 0.3-3% on the day.

Bitcoin commenced the new week’s trading at $10,306.56 before correcting to $10,376.76. The opening price happens to be acting as the intraday low. At the time of press, Bitcoin is trading at $120,334 after a subtle 0.3% increase in value. The price is sitting above the simple moving averages where the 50 SMA is offering support at $10,292 and the 100 SMA will provide support at $10,246.

Also offering support is the confluence formed by the 100 SMA on the four-hour chart and the Bollinger band four-hour lower curve. An ascending trendline would be of importance in the near future. The moving average convergence divergence (MACD) horizontal trend suggests that the current sideways trading would last longer. Bitcoin is strongly supported at $10,200 while $10,400 strongly limits upward movements.

BTC/USD four-hour chart