TLDR
- Bitcoin traded between $79,750 and $80,100 on Sunday morning, holding a tight weekend range.
- The cryptocurrency stayed above all major daily moving averages, keeping its broader uptrend intact.
- Resistance sits between $80,335 and $82,239, a zone bitcoin has not cleared since Sept. 3.
- Weekend trading volume dropped to $20.21 billion, well below the $35 billion to $40 billion seen earlier in the week.
- Options traders leaned bullish, with calls making up 61.69% of open interest compared to 38.31% for puts.
Bitcoin traded between $79,750 and $80,100 early Sunday morning, according to data from Bitstamp. The price has stayed in a narrow band since the start of the weekend.
Earlier in the week, bitcoin pushed above $82,000 before losing steam. That early September run has since cooled into a quiet holding pattern.
On the one hour chart, bitcoin moved inside a tight box between $79,586 and $80,147. Trading volume fell sharply over the weekend, which is common during low activity periods.
A move above $80,147 could open the door to $80,335 and then $80,523. A drop below $79,586 could send the price toward $78,650.
Thin weekend liquidity means any move outside this range could happen without strong volume behind it. That makes the next few sessions worth watching closely.
Four Hour Chart Shows A Cooling Trend
Zooming out, bitcoin pushed into the $81,400 to $82,200 area on Sept. 3 before being turned back. The price then fell into the high $78,000s on Sept. 4.
Since then, bitcoin has settled near the $79,900 to $80,100 range. Both trading range and volume have shrunk during this stretch.
A close below $79,586 could open a path to $78,650. A close above $80,335, followed by $81,430, would be needed to show buyers are pushing back toward the September high.
Daily Trend Still Leans Bullish
On the daily chart, bitcoin built a base between $58,000 and $64,000 over the summer before climbing to $82,239 on Sept. 3. Part of that gain was given back the next day.
The price remains above its 10-day average of $78,771 and its 20-day average of $77,231. Both levels support the idea that the broader uptrend is still in place.
Volume over the weekend came in at $20.21 billion, down from the $35 billion to $40 billion recorded on Sept. 4 and Sept. 5. Lower volume suggests the market is pausing rather than reversing.
Momentum readings are mixed. The relative strength index sits at 67, below the overbought level of 70. The MACD reading came in at 3,230 and was marked bearish, showing momentum has slowed since the recent high.
Moving averages tell a different story. All major short and long term averages, from the 10-period to the 200-period, remain bullish, with bitcoin trading above each one.
The only average acting as resistance is the Hull moving average at $80,523. Below the current price, support sits near $77,231, $76,714 and $76,441.
In the options market, calls account for 61.69% of open interest, compared to 38.31% for puts, according to Coinglass. On Binance, bitcoin’s max pain level sits in the low $70,000s.
Traders are now watching whether bitcoin can close above $80,335 and eventually $81,430 to confirm a retest of its September high, or whether a drop below $79,586 opens the door to $78,650.
The post Bitcoin (BTC) Price: BTC Holds Near $80K as Bulls and Bears Wait for a Breakout appeared first on Blockonomi.
Â
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.