Bitcoin “plays mind games” as its price tightens in a narrower range

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The general mood in the cryptocurrency market is one of anticipation on September 17th, as the price of Bitcoin has traded in an increasingly narrow range over the past two days and appears to be curling up. in anticipation of movement in one direction or the other.

Data from Cointelegraph Markets Pro and TradingView shows that the price of Bitcoin (BTC) hovered between $ 47,150 and $ 48,150 in trading on Friday as the lack of major developments or headline stories led to a relatively flat day in the markets.

1 day BTC / USDT chart. Source: TradingView

A recent report from Delphi Digital suggested that the sudden drop in the price of Bitcoin last week caught the market off guard and led to a significant drop in market sentiment from greed to fear, and the price performance of BTC to over the past week has been a response to that. as traders cautiously re-engage the markets.

Fear & Greed Index and 7-day moving average. Source: Digital Delphi

Here’s what analysts and traders are saying about the recent BTC price movement and what to watch out for as the market heads into the weekend.

Bullish Flag Forms On 4 Hour Chart

Pseudonymous Twitter user “Pentoshi,” who posted the following tweet highlighting the formation of a bullish flag on the 4 hour chart and subsequent retest of a major support and resistance level at 46,800 $, gave a positive review on Bitcoin’s price action.

As mentioned by Pentoshi, there are several upcoming developments that could lead to new bullish momentum in the market, the main one being the growing list of Bitcoin ETF applications that are to be judged by the Securities and Exchange Commission (SEC) of United States.

Pentoshi also suggested that if a breakout occurs that manages to recover the breakeven point (PoB) to $ 49,380, it could be a signal that the market is about to run away, making it a level important to watch.

Bitcoin “plays mind games” with the market

Twitter crypto trader ‘Crypto_Ed_NL’ provided additional insight into Bitcoin’s price movement on lower maturity charts, who described Bitcoin’s recent moves as “mind games” with the market.

As shown in the chart provided, the price of BTC is currently consolidating below $ 48,000 and has yet to provide any signs of continuation, indicating traders’ caution as a breakout to the upside is not. guarantee.

That being said, Crypto_Ed_NL doesn’t think this latest price pullback is “how we start a bigger drop,” hinting at the possibility of a potential move up in the near future.

Related: Next stop of $ 85,000 for Bitcoin as analysts predict ‘explosive’ fourth quarter for BTC price action

Bitcoin on track to close at weekly low

Analysis of Bitcoin’s price action on the chart of the highest weekly period was provided by cryptocurrency analyst and pseudonymous Twitter user ‘Rekt Capital’, who reported that Bitcoin is on track to have a favorable weekly close with a new lower weekly low if he can manage to stay above $ 46,300.

There is a well-defined support and resistance level near $ 48,930 that was behind the current struggle to break higher, and for now, BTC appears to continue to consolidate in its current range.

The overall cryptocurrency market cap now stands at $ 2.129 trillion and Bitcoin’s dominance rate is 42.1%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move comes with risk, you should do your own research before making a decision.