Bitcoin's Trend Remains Intact Despite Shaky Price Action

Bitcoin's price has been stuck in a tight range between $76,600 and $77,300 over the past few days, but despite its shaky appearance, the trend suggests otherwise.

The 1-hour chart shows that Bitcoin ran up to $79,837 on September 12 before experiencing a sharp decline to $76,040, resulting in a $3,797 drop. Since then, trading has been relatively quiet, with buyers showing interest around $76,500-$76,600 and sellers pushing the market down at $77,300-$77,500.

The 4-hour chart indicates that Bitcoin's price has been creating lower highs since September 4, drifting back toward the mid-$76,000s. The oscillators on this chart are neutral, with most indicators showing no clear trend or momentum.

However, the daily chart paints a different picture. Despite being rejected twice around $82,300-$82,800, Bitcoin's price remains above its July low of $57,735. Buyers have continued to defend the $76,000-$76,500 neighborhood, and another layer of support sits around $74,000-$75,200.

While the short-term charts look bearish, the daily chart suggests that the trend is still intact. A convincing reclaim of $78,500 would put buyers in a stronger position, while a drop below $74,000 would be a significant setback.