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Bitcoin sellers regain the short-term advantage ahead of weekend trading
<p class="PDq2pG_selectionAnchorContainer">What is Bitcoin’s price action telling traders?</p><p>As Friday moves toward its conclusion and Bitcoin transitions into weekend trading, the price action is sending a fairly clear message: neither buyers nor sellers have taken firm control of the broader range, but the shorter-term bias has tilted back in favor of the sellers.</p><p>Bitcoin has been trading in an up-and-down range since August 21. The lower boundary comes between $75,688 and $76,229, while the upper boundary is between $81,517 and $82,281. Those areas continue to define the larger battle between buyers and sellers.</p><p></p><p>Sellers had their shot at the range floor</p><p>Earlier this week, Bitcoin tested the lower support area between $75,688 and $76,229. Sellers had their shot to push through the floor, but they could not sustain a break.</p><p>When a market tests an important support area and fails to break it, short sellers may begin covering positions while dip buyers step in. That combination helped propel Bitcoin higher during today’s trading.</p><p>Buyers had their shot—but also fell short</p><p>The buyers then had their opportunity to take greater control. The price moved toward the week’s high near $80,500, but the rally stalled ahead of that level and just below the psychologically important $80,000 mark, reaching a high of $79,837.</p><p>That failure was significant because Bitcoin could not sustain its momentum above the nearby hourly moving averages
Higher education in Financial Engineering and Money & Capital Markets. SPK (Turkey CMB) licence. 16 years across institutional markets, research, and quant-driven analytics.
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<p class="PDq2pG_selectionAnchorContainer">What is Bitcoin’s price action telling traders?</p><p>As Friday moves toward its conclusion and Bitcoin transitions into weekend trading, the price action is sending a fairly clear message: neither buyers nor sellers have taken firm control of the broader range, but the shorter-term bias has tilted back in favor of the sellers.</p><p>Bitcoin has been trading in an up-and-down range since August 21. The lower boundary comes between $75,688 and $76,229, while the upper boundary is between $81,517 and $82,281. Those areas continue to define the larger battle between buyers and sellers.</p><p></p><p>Sellers had their shot at the range floor</p><p>Earlier this week, Bitcoin tested the lower support area between $75,688 and $76,229. Sellers had their shot to push through the floor, but they could not sustain a break.</p><p>When a market tests an important support area and fails to break it, short sellers may begin covering positions while dip buyers step in. That combination helped propel Bitcoin higher during today’s trading.</p><p>Buyers had their shot—but also fell short</p><p>The buyers then had their opportunity to take greater control. The price moved toward the week’s high near $80,500, but the rally stalled ahead of that level and just below the psychologically important $80,000 mark, reaching a high of $79,837.</p><p>That failure was significant because Bitcoin could not sustain its momentum above the nearby hourly moving averages
