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  • Bitcoin price is trading in positive territory, up 7.50% in the second half of the session. 
  • BTC/USD has been narrowing for seven sessions now, a breakout is nearing. 
  • Resistance to the upside should be noted at $5800, support at $4800. 

BTC/USD daily chart

The trading range is tight, as detailed above with the noted range. Price formation is more so a range-block, as the bulls look to cancel out any risk of a bearish pennant. 

BTC/USD 60-minute chart

The price rejected by a barrier at $5800, near-term evening star formation seen via the 60-minute chart view. 

Spot rate:                 5837.16

Relative change:      +7.50%

High:                        5922.82

Low:                         5265.40