Bullish phase under threat as Bitcoin stays range-bound

Stable at $30,576 and still trending upwards, Today's session might suggest a slow down — without a clear-cut direction, Bitcoin is trading around $30,576 and ranging between $30,400 and $30,649.

Bitcoin made an initial break below its 10 day Simple Moving Average at $30,500, a possible indication of a forthcoming negative trend. In contrast, Bitcoin reversed direction at $30,425 support zone and climbed $150.33 above it.

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

While Bitcoin is pretty flat so far today, mixed performances are seen elsewhere as FTX Token rallies 9.54% to trade around $1.36. EOS closed at $0.757 (down 3.68%).

Moreover, United States ISM Manufacturing PMI (Jun) will be released tomorrow at 14:00 UTC.

The past 6 months have been positive for Bitcoin as it appreciated 84.46%, having traded as low as $15,759.