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

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

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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.

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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

Graphical user interface, chart  Description automatically generated

Chart prepared by Tammy Da Costa using TradingView

Bitcoin (BTC/USD) Key Levels

Support Resistance
18,183 (October low) 19,666 (2017 High)
17,792 (78.6% retracement 2020 – 2021 move) 20,500 (Psychological Resistance)
16,000 (Psych level) 22,871 (September High)

Bitcoin Further Reading:

Written by Tammy Da Costa, Analyst for

Contact and follow Tammy on Twitter: @Tams707


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