BITCOIN ENTERS MULTI-YEAR TRADING RANGE AS MIXED SIGNALS FLASH

In the time following Bitcoin’s intense decline below $7,000 yesterday, the benchmark cryptocurrency has since been able to stabilize above its near-term support at $6,800.

It now appears that all of this recent trading simple marks BTC being firmly rangebound, as the cryptocurrency has been establishing a relatively tight trading range throughout the past couple of years, with all movements above and below this range proving to be short-lived.

This comes as analysts note that Bitcoin is flashing some mixed signals that are making it increasingly unclear as to which direction it may trend next.

BITCOIN STABILIZES ABOVE KEY NEAR-TERM SUPPORT AS TECHNICAL SITUATION GROWS FOGGY

At the time of writing, Bitcoin is trading down just over 3% at its current price of $6,840. This level has proven to be somewhat strong support, and BTC has not dipped below it in the time following its break under $7,000.

Source: bitcoinist.com