- 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
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