Hi!
Bitcoin is currently trading at $77,302 after rejecting the $82,000 supply zone that capped the early-September rally. Price has been consolidating inside a well-defined range between roughly $76,000 and $80,500 for the past two weeks, and the recent price action suggests sellers are starting to gain the upper hand.
The move from the $63,000 base in late August was sharp and impulsive, pushing straight into the strong daily resistance zone near $82,000–$83,000. That rejection has kept price confined to the current range, with lower highs forming since the September 5 spike. Price is now trading just below the 100-period SMA ($78,674), which is acting as dynamic resistance and reinforcing the range ceiling.
Key Levels
- Resistance: $80,500–$82,500 (range high/daily supply zone)
- Range support: $76,000–$77,000
- Downside target/demand zone: $68,000–$69,500 (prior breakout base)
Trade Idea
The bias here is bearish-conditional: as long as price holds inside the range, this remains a wait-and-watch setup. A confirmed 4H close below the $76,000 range low would open the door for a short entry, with the $68,000–$69,500 zone as the primary downside target.
Invalidation: a reclaim and hold above the range high ($80,500) would negate the bearish setup and shift focus back toward retesting resistance.