Bitcoin (BTC) is trading at $84,627.84, registering a small 0.88% in the last 24 hours. The trading volume of the token is at $25.07B, registering a decrease of 9.46% in the same duration. Within the last week, Bitcoin experienced a 3.87% rise, holding steady at $84,500.29.
Although expensive, Bitcoin is still stable, with limited movement showing a possible buildup to be reflected in price action in the future. Crypto experts cite the low 3.33% BB Width as an indication that the price structure is likely to change direction in the near future. The 66.8 ADX reading, showing a strong bullish trend, substantiates that the price structure is still very supportive of owners of the currency.
Bitcoin market volume remains solid
The resistance at $85,140 is still in place, with market volume healthy in the face of a decline in daily participation. Trading is subdued, with volume ratio standing at 0.73x, a function of lower interest at the levels. The market depth, in turn, remains robust with a daily trading volume of more than $25.64B.
Technically, the RSI of Bitcoin is a neutral 52.81 and features a negative MACD divergence, indicating a slowing momentum. Yet, the trend does not change, and bullish sentiment remains dominant, as reflected by the DMI spread (18.3/3.6). The pivot level of $84,244 must be sustained by the price to maintain the uptrend.
Bitcoin low volatility and liquidity
BTC price action in the near term is tightly contained. A breakout higher from $85,140 can potentially lead to a price to $87,611. Less aggressive traders may try entries around $83,176, but stops must be set under $82,151 to minimize risk.
Risk management is essential. Conditions are presently low-volatility (2/10) and good liquidity (8/10), indicating that traders should adopt a cautious approach using position sizes of 1-2%. The market, as long as Bitcoin does not penetrate major resistance, will tend to prefer range-trading tactics.
