Bitcoin: Rangebound with an Upward Bias?

Bitcoin could be rangebound until a catalyst emerges.

The first pattern on today’s chart is the price level around $28,122. It was an intraday peak in late August and the daily close on October 1. The cryptocurrency began this week near that level but sellers quickly drove it down its range.

Prices have next tried to hold a support line around $26,500. If they remain at this level below $26,741, BTCUSD could move toward $25,622 or lower.

While the crypto has had an upward bias this year, it’s likely to remain rangebound until a catalyst pushes it one way or another.

Traders may also be on guard because some potentially bearish signals could be emerging. First is the failed breakout above $28,000 on October 2. That was followed by MACD turning lower on Wednesday.

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