Bitcoin Price Hovers Near $83K as Oscillators Throw Cold Water on Bullish Trend
Bitcoin's price hovered around $83,900 on Thursday morning as buyers defended the low-$83,000s against sellers trying to push prices above the mid-$84,000s.
The market data still suggests a bullish trend, but moving averages are doing most of the work while oscillators remain less enthusiastic.
The price needs a daily close beyond $85,600 or $82,555 to break its current range.
On the 1-hour chart, bitcoin's price carved out a base between $83,362 and $83,713 before making a run to $84,357.92, but the bid didn't stick, leaving immediate support at $83,300 and $83,130, with $84,050 to $84,360 guarding the upside.
The 4-hour chart shows a failed breakout attempt to $85,600 on Sept. 30, which couldn't hold above roughly $84,400, and the Oct. 1 candle reached $84,357.92 before closing at $83,380.