Bitcoin remains in a tight range following this week’s retest of $25,200 resistance.
We saw an intraday deviation above that multi-month level, but we may get something more substantial soon.
On Wednesday, I wrote about how rallies should be expected while above the $23,130 monthly open.
That level is also the January close and the February open and close.
So as long as BTC trades above that, we have to respect the potential for higher prices.
Currently, Bitcoin is trading between $23,950 support and $26,500, with a mid-range at $25,200.
It’s no coincidence that the mid-range is the same multi-month key level at $25,200.
If Bitcoin bulls can reclaim $25,200, we could see another run at Tuesday’s $26,500 high.
I won’t rule out higher than that, but BTC would have to flip $26,500 resistance first.
Alternatively, a break below Monday’s high at $24,500 would signal weakness toward $23,950 range support.
As mentioned yesterday, a break below that would open up the $23,130 monthly open.
So for now, BTC is a range trade with longs getting triggered on a sustained break above $25,200, and shorts triggered on a sustained break below $24,500 and $23,950.
