So yesterday $BTC managed to push above the $80.7k level which was the high we saw back on Monday when looking at the 4-hour chart. A lot of people were watching that level closely because breaking above it cleanly would have been a pretty strong signal that bulls were back in control and ready to push things higher. Unfortunately that is not quite how it played out. The breakout ended up being a false one and price fairly quickly fell back below that threshold without being able to hold the ground it had gained.
Honestly though this kind of thing is not that surprising when you consider the context. Weekend trading sessions almost always come with noticeably lower volume and when volume is thin the market becomes a lot more susceptible to these types of fake moves that look promising on the surface but do not have the real buying pressure behind them to sustain any meaningful momentum.
So where does that leave us right now $BTC has essentially snapped back into the same 4-hour trading range it has been stuck in between $79.5k and $80.7k and that range is still the most important area to keep your eyes on going into today. The reason today matters more than most days is that we are approaching the Weekly Close and Open which historically tends to bring a noticeable uptick in volatility and trading activity. That increase in volume could be exactly the catalyst needed to finally force a decisive break out of this range in one direction or the other. Whether that break goes up or down is what everyone is going to be watching very closely over the next several hours.
