Bitcoin Sits on the Line Between Range-Bound Trading and Breakout

Bitcoin is currently trading around $64,925, with a flat close that hides a tight setup. The price has been range-bound since the June breakdown, oscillating between the low $70,000s and high $50,000s.

The key level to watch is $67,073, which has capped both the bounce in mid-June and the rally in early August. A daily close above this level would change the structure of the chart, opening the door to a potential move towards $74,000.

This target area corresponds to the June sell-off that took Bitcoin out of the low $70,000s. The drop through this zone was fast and vertical, so price tends to move quickly back through areas it fell through quickly.