Bitcoin (btc) is stuck in a narrowing price range and the direction of the breakout will likely set the tone for the next move in the market, according to technical charts.
the leading cryptocurrency was expected to rise toward 7,000 over the weekend, having moved past a key technical hurdle on friday. however, contrary to expectations, btc failed to absorb supply around $6,600 in the last 48 hours.
even so, the rejection at $6,600 has not proved costly. this is evident from the fact that for btc bears have struggled to p*******e the psychological support of $6,300.