Bullish phase under threat as Bitcoin stays range-bound

On a 21 day uptrend, Today's session might suggest a slow down — Bitcoin is now trading at $30,300 after tracing out a steady $30,200 – $30,400 range today.

Bitcoin made an initial break below its 5 day Simple Moving Average at $30,272, a possible indication of a forthcoming negative trend. Bitcoin's upper Bollinger Band® is at $31,044, suggesting that a downward move may follow. In contrast, after reaching the $30,200 support zone, Bitcoin bounced and climbed $98.36 above it.

Despite the market lacking direction, technical chart analysis strongly suggests Bitcoin is positioned for a downward move in the near term.

Trending positively for about a month. Bitcoin has gained 82.77% since its lowest print of $15,759 earlier this year.