No Man's Land: Bitcoin Price Locked in $600 Range for 7th Day

View Bitcoin has been trapped largely in the $7,500-$8,100 trading range since June 5.

The 4-hour chart moving averages and trading volumes indicate the price is more likely to fall back to $7,500 in the next 24 hours.

A break below $7,500 would validate the bearish doji reversal confirmed by Sunday's close below $8,000 and allow a deeper drop below $7,000.

Bitcoin's struggle for direction continues with prices locked in a tight £600 range for the seventh day running.

The leading cryptocurrency by market value fell below $8,000 and found acceptance below the historically strong support of the 30-day price average on June 4, opening the doors for a deeper correction.

Conversely, a break below the lower edge would again open the doors for a deeper price pullback.

BTC is trapped within a falling channel on the 4-hour chart, and the price bounce from Monday's low of $7,511 has run out of steam.

The 50-candle MA now looks set to cross below the 200-candle MA. BTC risks falling back toward the lower end of the recent trading range of $7,500-$8,100.

The case for a pullback to $7,500 looks stronger if we take into account the fact that trading volumes dropped sharply in the last 24 hours as the price recovered from $7,500 to $8,090.

Prices are struggling to find acceptance above $8,000 - the doji candle's low.