Bitcoin price analysis: BTC/USD stopped short of $6,600, rangebound trading ahead

One Bitcoin goes for $6,566 at the time of writing, gaining 1.5% since the beginning of Thursday. The largest digital coin has been growing strongly during early Asian hours, however, important $6,600 handle remains untouched as yet. The upside momentum may gain traction later during the day, once European and American players join the game.

What’s going on

Despite the continued decline in prices of major digital currencies, the overall landscape remained as-is in the month of September, which isn’t a bad sign according to 

The cryptocurrency market is turning into a boring place as the roller-coster price movements are now thing of the past. Some experts believe this is a good sign, which confirms that the market is becoming more mature.

“From our point of view, there was nothing landmark that happened during the month; instead, the slow drumbeat of progress continued, which is great,” wrote CEO of San Francisco-based Bitwise Asset Management Hunter Horsley.

Bitcoin volatility is the lowest since May 2017. This stability may eventually attract institutional investors to the space. 

Bitcoin’s technical picture

BTC/USD is trading off the Asian high of $6,598, but the short-term technical setup suggests that more upside may be in store. Th price stays above moving averages while a strong recovery from psychological $6,400 signals that the market is not ready to resume the downside trend. Meanwhile, $6,600 remains the key that will unlock the way to $7,000 and cement the recovery.

On the downside, the local support is created by SMA100 and SMA200 (1-hour) at $6,540, followed by SMA50 right under $6,500 handle. The vital support still lies with $6,400.

BTC/USD, 1-hour chart