4 min read Bitcoin (BTC) has bounced off last week’s lows as buyers stepped back in, but the recovery now runs straight into the middle of a range that has held since late September. The rebound comes despite another week of heavy outflows from US spot Bitcoin exchange traded funds (ETFs), the largest weekly withdrawal since June, and with US Consumer Price Index (CPI) data due on Wednesday, 14 October, the next directional push could be close.
Bitcoin trades at the range EQ
Bitcoin appears to be trading inside a defined range, with the range lows around 80,000 and the range highs near 87,000. Price is currently sitting right around the range equilibrium (EQ), the middle of the range, which makes this an important decision area for Bitcoin.
If we see a rejection here and a break below the downside confirmation level at 83,192, Bitcoin could potentially move back down towards the 80,000 range lows, with a possible break of that area if selling pressure builds.
On the upside, a break above the confirmation level at 84,254 could potentially open the way towards the important 85,000 region, and perhaps all the way up to the range highs around 87,000.
Bitcoin trading at the range EQ, with confirmation levels at 83,192 to the downside and 84,254 to the upside.
Trade Now
Trading involves risk.
Author
Risk Disclaimer
The content provided here is for informational purposes only. It is not intended as personal investment advice and does not constitute a solicitation or invitation to engage in any financial transactions, investments, or related activities. Past performance is not a reliable indicator of future results.
The financial products offered by the Company are complex and come with a high risk of losing money rapidly due to leverage. These products may not be suitable for all investors. Before engaging, you should consider whether you understand how these leveraged products work and whether you can afford the high risk of losing your money.
The Company does not accept clients from the Restricted Jurisdictions as indicated in our website/ T&C. Some services or products may not be available in your jurisdiction.
The applicable legal entity and its respective products and services depend on the client’s country of residence and the entity with which the client has established a contractual relationship during registration.
