Bitcoin (BTC) Prices Trade Sideways – Is This Make or Break for BTC?

Bitcoin (BTC/USD) Talking Points

• Bitcoin prices remain rangebound – 2017 high holds as critical resistance
• BTC/USD threatens trendline resistance, but bears fight back
• USD weakness fuel equities while crypto lags

Bitcoin Technical Analysis

Bitcoin prices have continued to consolidate within a narrow range, formed by key technical levels of prior moves. With earnings season currently underway, resilient earnings from Goldman Sachs and a weaker US Dollar allowed major stock indices to hold gains, driving equity futures higher.

What is Earnings Season & What to Look for in Earning Releases?

Although there has been a positive correlation between stocks (risk assets) and cryptocurrency, BTC/USD has remained constrained by technical resistance holding firm at 19,666.

With a broader range forming between 17,792 (the 78.6% Fib of the 2020 – 2021 move) and 20,500, the 19,666 has proven to be another big level for both the short and long-term move.

For those who may recall, this level was the prior all-time high that capped the upside move in December 2017 and then again in December 2020. Now, almost two-years later and this level continues to hold bulls at bay.

Bitcoin (BTC/USD) Weekly Chart

Chart prepared by Tammy Da Costa using TradingView

As bulls struggle to clear trendline resistance (from the 2021 high), the daily chart below further highlights the short-bodied candles that have been forming over recent weeks. With a tighter range and a strong battle between bulls and bears, a break towards either side could likely result in a breakout.

Bitcoin (BTC/USD) Daily Chart

Chart prepared by Tammy Da Costa using TradingView

Bitcoin (BTC/USD) Key Levels

Bitcoin Further Reading:

— Written by Tammy Da Costa, Analyst for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707