Bitcoin Stuck Below Crucial $79,500 Level as Traders Wait for Inflation Report
Bitcoin's price has been struggling to reclaim the $79,500 level, leaving the market in a state of uncertainty. On Wednesday, September 9, Bitcoin traded near $78,700, with multiple failed attempts to establish support above this key threshold.
The four-hour chart shows that price consolidation below $79,500 has been ongoing since several unsuccessful attempts to break through this level. According to That Martini Guy, the area is a crucial short-term threshold separating the current range from another attempt at recent highs.
A clean four-hour close above $79,500 would provide confirmation that momentum is improving and pave the way for a potential push towards $82,000. However, if Bitcoin loses its current consolidation range, it could expose itself to a broader retracement, with support levels at $70,500, followed by $67,200, and finally $63,000.