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  • Bitcoin price seen holding modest gains of some 1.6% in the latter stages of trading on Monday.
  • BTC/USD upside momentum is directing the price to heavy supply, seen up within $6,800 territory.

The Bitcoin price was trading in the green late on Monday, by just over 1.6%. Price action is still somewhat muted. There has been a continued failure of commitment in trend. Range-bound trading seen across much of the market.

BTC/USD is current moving within a triangular pattern formation, as price action remains very much narrow. For going on almost 3 weeks now, Bitcoin has traded in a range of just around $300-500, no clear sign of a breakout yet.

To the upside, a heavy area of supply is seen within the $6800 territory. Given the multiple rejections at the back-end of September, it wouldn’t be too surprising to see it sent back south again. Support tracking from $6450-6550.

 

BTC/USD 4-hour chart