Bitcoin Holds Range as Bullish Stair-Step Pattern Persists

Bitcoin is trading on the back foot, falling to $84,200 on Wednesday. Despite the move, which represents a decline of over 2% from Tuesday's levels near $86,500, the asset remains within the $83,000 to $87,000 range it has held for the past two weeks.

This sideways movement maintains the bullish stair-step trajectory that has defined Bitcoin's price action since July. The pattern consists of sharp rallies followed by periods of consolidation in higher trading bands.

Vikram Subburaj, CEO of Giottus, noted that the recent decline does not invalidate this structure. According to Subburaj, holding the $83,000 level is essential, as it would demonstrate that sellers are unable to force the price back into the previous trading band.

A sustained break below the $82,000 to $83,000 zone would signal a failure of the September breakout. Should that support level give way, the price could retreat toward the $80,000 to $81,500 range. Alex Kuptsikevich, chief market analyst at FxPro, identified support slightly higher at $84,000, noting that a move below that point could open the door to $80,000.

Bitcoin previously established its current stair-step structure following a 6.6% gain between September 19 and September 21. Prior to that, the asset traded between $76,000 and $81,500 from late August to mid-September, following a 21% rally in mid-August.