06 Sep 2022

Bitcoin rangebound in narrow range

Bitcoin has fluctuated in a narrow trading range, oscillating around $20,000 for ten days, trading at very low volatility.
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It’s been a very quiet week in bitcoin with BTC trading in a narrow trading range at levels near the 2017 peak.
Source: Tradingview
BTC has found support at $19,500, which is a very important level, representing the 2017 peak. If BTC falls below this level, $19,000 may act as new support, a level that held support throughout July. Further down, the depths of the 3AC capitulation of around $18,000 remains a critical support level. Towards the upside, BTC is facing resistance at $20,500. Further above, $22,000 represent an important resistance area, marking local tops in both June and July.Nevertheless, bitcoin has remained in an unusually bland trading range in the last week, trading in compressed volatility. This is a difficult and choppy market to trade actively, and it may be prudent to avoid any directional bets at the moment and wait for a trend to emerge.
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