Bitcoin’s recent price performance has provided little inspiration lately. An ongoing range-bound bounce between the high $9k and mid-$10k price levels has not given any clear direction of future movements. Some analysts expect a breakdown to a new lower low while others remain bullish.
Bitcoin Order Book Looks Bullish
From its Monday high which touched $10,600, BTC has been on the back foot as the week as progressed. The slow slip down to today’s prices of around $10,150 has led many to predict a further fall back into four figures again. For the past day or so, bitcoin price has been oscillating between $10,200 and $10,000 in an ever-tightening channel according to Tradingview.com.
A pennant appears to have formed on this hourly time frame which is likely to lead to a breakout. Crypto analyst and trader Jacob Canfield is bullish in the short term, predicting an upside breakout within the next few hours. This extrapolation has been derived from looking at the order book which he…