Bitcoin Awaits Decisive Move as Price Range Tightens

August 21, 2018

 

Bitcoin (BTC) is stuck in a narrowing price range and the direction of the next breakout is far from certain. The leading cryptocurrency was expected to rise toward $7,000 over the weekend, having moved past a key technical hurdle on Friday. However, contrary to expectations, BTC failed to absorb supply around $6,600 in the last 48 hours.  Even so, the rejection at $6,600 has not proved costly, and BTC's bears have struggled to bring the cryptocurrency below the psychological support of $6,300. BTC is now being squeezed into a tight $300 trading range and is changing hands at $6,400 on Coinbase at press time – up 0.80 percent on a 24-hour basis.

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