Bitcoin Price Analysis: BTC continues to trade within Wednesday’s trading range

Bitcoin sideways churn continues with prices trading well within Wednesday’s trading range. 

At the time of writing, the most popular digital currency is priced at $8,760 on major exchanges. 

So far today, prices have printed a high and low of $8,833 and $8,861. That trading range falls well within Wednesday’s high and low of $8,903 and $8,555. 

Also, the cryptocurrency witnessed a bigger trading range on Thursday than what it has witnessed today. 

Further, Thursday’s high and low of $8,855 and $8,573 fell within the preceding day’s trading range. 

The last 48 hours’ contracting price range is reflecting reluctance from buyers and sellers to lead the price at this stage. 

So, the best thing to do is to wait for a break of congestion zone. 

4-hour chart

A break above $8,900 could send the pair towards the vicinity of 200DMA at $9,100. Further close higher may see the cryptocurrency rise toward $9,400.

On the other hand, a range breakdown could increase the likelihood of bitcoin witnessing a notable price pullback to $8,200. Indeed, on the way lower, the cryptocurrency can always find support of the rising trendline placed, currently placed near $8,500.

However, looking at the pair’s persistent defense of the rising 20MA (middle line of Bollinger Bands) on the above chart, a bullish breakout looks more likely.