Bitcoin Price Awaits Next Move as Trading Range Narrows

Bitcoin is being squeezed into a tight trading range with neither bulls nor bears having the upper hand, and a decisive move either way will likely set the tone for the next trend going forward.

The cryptocurrency has printed higher price lows in the last four days, signaling bearish exhaustion.

The bulls have not been exercising their buying power either, as indicated by the lower price highs around $6,400.

That said, the direction of the range breakout will likely play a big role in determining the short-term price trend.

Looking at the hourly chart, BTC is being squeezed between the two lines representing lower highs and higher lows.

In technical parlance, this narrowing price range is referred to as the "Symmetrical triangle".

A downside break of the range would add credence to the bearish pennant breakdown seen in the line chart and the rising wedge breakdown seen in the candlestick chart, with prices potentially dropping below $6,000.

While either side could gain the upper hand going forward, prices are more likely to see a downside break of the symmetrical triangle, the hourly chart suggests.

View The next violation of the narrowing price range on the hourly chart will likely set the tone for the next move in BTC. A break below $6,260 would bolster the already bearish technical setup and open up downside towards $6,000.

Man on Bitcoin image via Shutterstock; Charts by Trading View.