Bitcoin is trading in an increasingly narrow range on Thursday, with price seemingly trapped between the $3,960 and $4,100 levels. The broader cryptocurrency market is also seeing a number of top cryptocurrencies unable to break higher, after staging strong upside moves. BTCUSD buyers risk losing control in the short-term, as the recent rally in the pair is starting to look like a corrective move higher, rather than the start of a meaningful trend change.
The BTCUSD pair is only bullish while trading above the $4,200 level, key technical resistance is found at the $4,400 and $4,900 levels.
If the BTCUSD pair trades below the $3,960 level, sellers are likely to test towards the $3,660 and $3,300 support levels.
