Bitcoin Price Tries to Escape Narrow Range on Saturday
The Bitcoin price is stuck in a tight range on Saturday and Sunday after a wild ride earlier in the week. On the 1-hour chart, Bitstamp's 24-hour tape shows a narrow balance between $79,750 to $80,100 around 9:30 am. The immediate battle is taking place across a range of just a few hundred dollars, with the intraday balance box running from $79,586 to $80,147.
A break and hold above $80,147 would put $80,335 and then $80,523 in play, while a break and hold below $79,586 would point toward $78,650. Traders are also dealing with thin weekend liquidity, so a move out of the box without stronger volume could leave the market playing with fire.
The 4-hour chart shows exactly how Bitcoin's price ended up in this range. The market came out swinging on Sept 3, pushing into roughly $81,400 to $82,200 before that advance was rejected. Bitcoin then got hammered back into the high-$78,000s on Sept 4 before mean-reverting into the $79,500 to $80,200 area over the next two sessions.
The daily chart is where bulls have a great deal more going for them. Bitcoin formed a higher-low base around $58,000 to $64,000 in midsummer before its late-August advance kicked seriously into high gear and reached roughly $82,239 on Sept 3. The market gave back part of that move on Sept 4.