Bitcoin Struggles to Break Out of Weekend Range
Bitcoin's price remains stuck in a tight weekend range after its early-September run above $82,000 lost steam. On Sunday morning, it was trading between $79,750 and $80,100 per unit on Bitstamp.
The daily uptrend for Bitcoin is still intact, but momentum readings are weakening, and trading volume has thinned out due to the weekend. This means that a significant breakout is yet to be confirmed.
On the 1-hour chart, Bitcoin's price is in a narrow rangebound balance between $79,586 and $80,147. A break above this level could push the price towards $80,335 and then $80,523, while a break below it could bring the price down to $78,650.
Zooming out to the 4-hour chart shows that Bitcoin's price ended up in this range after its failed push at resistance. The market is stabilizing after its recent advance, and the next 4-hour close will be significant in determining the direction of the trend.