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  • Bitcoin price continues to hand in the balance within a narrow range between $8,700 and $8,000.
  • Bitcoin’s ability to hold above $8,700 diminishes with each treading session since Monday.

Spot rate: $8,738

Relative change: -20

Percentage change: -0.23%

Volatility: Low

Trend: Bearish

BTC/USD daily chart

Bitcoin bulls must defend the falling wedge triangle support as if their lives depend on it.

The bearish cross with the MACD suggests that Bitcoin has a bearish bias in the short term.

BTC/USD 4-hour chart

The previous DMI signal was bearish while the DMI is trending sideways at 20, which suggests that BTC will continue trading sideways.

The MACD in this range has a bullish cross to show that the bulls are relatively in control.

BTC/USD 1-hour chart

With the 50 SMA below the 100 SMA bears are likely to hold the mantle longer than expected.

The resistance at $8,800 (100 SMA) must come down for trading above $9,000 to become a reality.