Bitcoin Price Technical Analysis for 07/01/2016 – Stuck in a Range?

Bitcoin price appears to be moving sideways between $620 and $680 while traders wait for larger market catalysts.
Bitcoin Price Key Highlights
Bitcoin price recently made a break lower from a consolidation pattern but popped up higher once more. Price is now nearing the $680 level, which has held as short-term resistance. If this continues to act as a ceiling, bitcoin price could make another test of the near-term support at $620. Bitcoin price appears to be moving sideways between $620 and $680 while traders wait for larger market catalysts.
Technical Indicators Signals
The 100 SMA is completing an upward crossover from the 200 SMA, signaling that buyers are trying to take control of price action. If so, an upside breakout from the range resistance could be seen, taking bitcoin price up by $60 or the same height as the rectangle formation.

This post was published at NewsBTC on 4:28 am July 1, 201.