Why is Bitcoin price stuck?
Bitcoin is stuck between two significant price levels as traders assess $14.5 billion worth of BTC sell-off potential against the likely Fed rate cuts in September.
Bitcoin’s (BTC) price has been fluctuating inside a tight range for almost a week as traders assess mixed market signals, including billions of dollars worth of potential sell pressure from the United States government and defunct crypto exchange Mt. Gox.
Since Aug. 28, BTC’s price has moved inside the range defined by $60,200 as resistance and $57,300 as support, indicating indecisiveness among traders about the market’s next potential direction.
BTC/USD daily price chart. Source: TradingView
