Bitcoin prices are looking to end the week in an uneventful manner as BTC/USD fails to break out of its narrow range.
With daily support and resistance currently holding between $18903 and $19126, the consolidation of Bitcoin prices over recent weeks has increased the probability of a breakout.
After falling to $18183 last week, a retest of the upper bound of the descending trendline (from the Nov high) allowed bulls to edge marginally higher before running into another big barrier of resistance at $19666 (December 2017 high).
Bitcoin (BTC/USD) Weekly Chart
Despite the ongoing inflation narrative and broader economic risks, BTC/USD has appeared oblivious to recent events. As both sentiment and technical levels remain prominent drivers of price action for the short and longer-term move , a break of $17792.1 (the 78.6% Fib of the 2020 – 2021 move) and $17592.78 could open the door for bearish continuation.
From there, an increase in selling pressure and a retest of $16000 psychological support may allow BTC/USD to fall back towards prior resistance turned support at the June 2019 high of $13880.
Bitcoin (BTC/USD) Daily Chart
BITCOIN LEVELS TO WATCH
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