BTC Price Trapped in Range as $79,400 Resistance Looms

Bitcoin's price action remains stuck in its current range, according to analyst @CryptoMichNL, who notes that the cryptocurrency is facing a key resistance level at $79,400.

This resistance test could unlock new yearly highs for BTC if it breaks through cleanly, but failure to do so would open up bids at the confluence of $76,200.

The current price of $78,462.86 remains bullish above the EMA50 at $77,387.91 and well clear of the EMA200 at $71,045.82.

However, the MACD death cross at -33.1 warns of fading momentum, while the Bollinger bands indicate that price is pressing against the upper band resistance at $79,450.29.