Bitcoin Price Analysis: Consolidation Continues

Bitcoin continues to consolidate in a $400 range.

The number one digital currency tried to rally from lows near $8,570 during the European session, but failed to absorb offers around $8,770 and fell back below $8,700.

At the time of writing, the cryptocurrency is priced around $8,670 across major exchanges.

1H chart

A channel breakdown would expose the rising trendline at $8,434, under which a major support is seen directly at $8,200.

On the other hand, a strong move through the channel resistance of $8,900 would signal a continuation of the bull run from Tuesday’s low of $8,100 and will likely fuel a quick move to $9,100-$9,200.

The probability of bitcoin breaking higher would rise if the 1H RSI penetrates the descending trendline, signaling an end of the pullback/consolidation.