Bitcoin stuck in same range for nearly three weeks

Bitcoin has barely moved for almost three weeks now. The price is fluctuating between a floor around $76.600 and a ceiling around $81.200, and at the time of writing it stands at $78.300, down 1.4% in the past 24 hours. Analyst DaanCrypto says patience is key right now, because traders can easily be caught on the wrong foot during such a prolonged consolidation.

Bitcoin is available at OKX and Bybit.

In short:

• Bitcoin has been stuck between $76.600 and $81.200 for almost three weeks.
• Analyst DaanCrypto warns that consolidations are difficult to trade.
• If a breakout occurs, $74.000 and $83.000 are the levels to watch.

Prolonged consolidation puts patience to the test

As can be seen on the four-hour chart, Bitcoin has been trading within a clearly defined range for weeks. At the start of September, the price briefly tested the upper bound around $81.200, but it failed to gain a foothold there and subsequently fell back to the middle of the range.

DaanCrypto notes that periods like these are tempting to trade actively, but that the chance of opening losing positions is exactly what makes them dangerous. Those who switch direction too often in a sideways market risk ending up on the wrong side time and again.

$74.000 and $83.000 are the levels that matter

According to DaanCrypto, two levels will be decisive on a higher timeframe once the current consolidation ends. A downward breakout towards $74.000 could mean further losses follow, while a move towards $83.000 would pave the way for a resumption of the upward trend.

Earlier, Bitcoin stalled below $83.000 after strong US job growth, which tempered expectations of interest rate cuts. It is unclear exactly when the current range will be broken. The fact that Bitcoin is already showing buying pressure at the highest level since the bear market could be an indication that the bottom is solid, but a concrete trigger for a breakout is still lacking for now.