Bitcoin still inside clearly defined range

Since crumbling to as low as 25,424 on May 12 and then rebounding back above 30k last week, Bitcoin has been travelling sideways, inside a range covered by 28,600 to 31,210. If you look at a chart of the lead cryptocurrency over that period, then you will very quickly see what I am talking about. Now within that range there are some levels to note. Firstly, there is a very clearly defined double bottom in place at just above 28,600 from the lows at 28,603 (May 14) and at 28,616 (May 19). There is also a series of tops in place more recently at just above 30,500. Indeed, it was that level which more or less capped the topside again on Friday in European and US trading. The drop back below 30k on Friday evening had everything to do with the slump in US stocks and increased risk aversion. That delivered a move to as low as 28,705. Understandably, it has risen since. However, the range over the weekend did not see it break any fresh ground in either direction. Since the wider US close on Friday, BTC has traded a range covered by 28,705, to 30,449. The high of that range was set earlier today. It has just slipped back from that earlier high and it is right now trading at 30,135