Bitcoin is once more moving sideways inside a boring range, looking at the formation in the daily chart. Even though the uptrend remains, the failure
Bitcoin (CRYPTO: BTC) is trading sideways in a boring range on the daily time frame. While the uptrend is still intact, bulls have failed to confirm this leg up.
Traders should watch out for a push higher, lifting the coin above $63,000, or a price close below $56,500, which will set the short to medium-term trend.
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The apex cryptocurrency is trading up 0.4% in the past 24 hours and is up 5.2% over the past seven days.
Bitcoin is trading at a price of $58,224 at the time of writing.
What Happened: Bitcoin is trading sideways after rallying to highs of over $64,000 last week.
The coin has faced resistance at these levels and is now attempting to confirm another leg up.
Technical traders are watching out for a close above $63,000, which will set the next leg up in motion, with targets to the next key resistance at $72,000.
On the downside, a close below $56,500 will confirm a bear trend continuation formation, opening up downside targets to the August 4 lows of around $50,000.
Good Morning. Here are some trending stories to start your day:
Bitcoin Price Analysis
BTC/USD is firm at press time.
The coin is inside a bull flag and confined by the August 8 trade bar.
As it is, aggressive traders can search for entries as long as prices are above $56,500, aligning with the bull bar of August 8.
Even so, a close above $63,000, ideally with rising volume, will confirm the bulls of the engulfing bar, setting in motion another leg up to $72,000.
However, should there be weakness, reversing today’s gains, and Bitcoin folds below $56,500, the coin may fall to as low as $50,000 in a bear trend continuation formation.
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