CoinDesk
Bitcoin dipped more than 2% to about $84,200 on Wednesday, but stayed within its recent $83,000 to $87,000 range. That keeps the stair-step pattern in place, with each trading range since July sitting above the last. BTC was trading near $84,300 at the time of the report.
Why it matters
Bitcoin's advance has unfolded through stretches of sideways trading interrupted by sharp rallies. From mid-July to Aug. 18, it traded roughly between $62,000 and $67,000, then gained 21% in three days. A later range of about $76,000 to $81,500 was followed by a 6.6% rise from Sept. 19 to Sept. 21, before the current $83,000 to $87,000 band formed.
Giottus CEO Vikram Subburaj said the Oct. 7 decline did not invalidate the pattern. He said holding $83,000 would show sellers had failed to push Bitcoin back into its previous trading band.
Market impact
The support zone is the key near-term level. Subburaj said a sustained break below $82,000 to $83,000 would signal that September's breakout had failed and bring $80,000 to $81,500 back into play. FxPro chief market analyst Alex Kuptsikevich sees support nearer $84,000, with a break below that level opening the way to $80,000.
For now, Bitcoin remains inside its recent range. Holding support would preserve the stair-step structure; a clear break below it would put the pattern on pause.
Frequently asked questions
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What price range is Bitcoin currently holding?
Bitcoin has remained within a range of roughly $83,000 to $87,000. It dipped to about $84,200 on Wednesday and was near $84,300 at the time of the report.
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Why is $83,000 important for Bitcoin?
Giottus CEO Vikram Subburaj said holding $83,000 would show sellers had not pushed Bitcoin back into its previous trading band. A sustained break below the support zone could signal the September breakout had failed.
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What could happen if Bitcoin breaks below $82,000 to $83,000?
Subburaj said a sustained break below that zone would put September's breakout in question and bring the $80,000 to $81,500 range back into play.
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How has Bitcoin's stair-step pattern developed since July?
Bitcoin traded roughly between $62,000 and $67,000 from mid-July to Aug. 18, then rose 21% in three days. It later held around $76,000 to $81,500 before a 6.6% gain from Sept. 19 to Sept. 21.
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Where does FxPro analyst Alex Kuptsikevich place support?
Kuptsikevich sees support near $84,000. He said a break below that level would open the way to $80,000.
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