Bitcoin continues to move up and finally there is 4hr acceptance above $77.7k (Monday High). Although BTC is holding above this level, it is struggling to clear the weekend chop zone (orange box) which is $78k - $78.4k. This is the final hurdle in the way of a move for BTC to close the CME gap at $79.1k and $79.5k (Prev Month High).
Let's see what today brings, but for now the volume is still relatively low.
Bitcoin is still trading in a very tight range, and this has been the slowest start to a week for some time. The last 4hr candle confirms $76.6k (Prev Week Low) as 4hr support. However, $77.2k (Weekly Open) is clearly 4hr resistance which gives us less than a 1% range.
If BTC can reclaim $77.7k (Monday High) then we can see a fast move towards $79.1k.
Bitcoin retested the Monthly Open at $76.3k yesterday, and we can see that this held as exact 4hr support. As long as $76.3k continues to be respected then we can be hopeful of some more upside relief.
$77.4k (Weekly Open) looks like 4hr resistance, and the $77.8k area (Monday High) is likely to be resistance too as there is 4hr supply in this area. If BTC can reclaim these levels, then we can target the CME gap towards $79.1k.
The downtrend has continued for Bitcoin, but if you have been following my recent updates then you would not be surprised to see the test below $77k- I have been mentioning that a test around the Monthly Open was likely this week.
There is significant demand in the $76.5k - $75.8k area, so this is a key level to hold. If BTC does hold this, there is a new CME Gap at $79.1k, so this becomes a potential short-term target for some relief. For now, I am just watching the Monday range develop.
After Bitcoin lost $78.1k (Prev Week Low) on the 4hr chart yesterday, it has struggled to achieve any strong close back above this level. With lower weekend volume, BTC is just chopping around this price, and there is still a possibility of testing lower levels, such as $76.3k, in the coming days.
I would expect resistance on any retest of $78.8k - $79.5k now, but let's see what any increased volatility around the weekly close does to the price action.