Preview
16 Aug 2022
Bitcoin still seeing higher lows as trading range narrows
Bitcoin remains in an uptrend, pushing higher lows and higher highs, seeing a brief visit above $25k, as the trading range narrows.
Bitcoin’s steady climb has continued in the last week and saw a brief visit above $25k for the first time since June. While BTC still sees higher highs, bitcoin has traded in a tight range oscillating around $24k this week, possibly suggesting that momentum is weakening. Bitcoin has found support in the higher $23k area, trading in a tight range between ~$23.8k-$25k. Bitcoin’s nearest resistance level sits at the May capitulation levels in the $25k area. A breakout above this level could see us move towards the $27k-$28k level.
Source: Tradingview (Coinbase)