Bitcoin Price Pinned Below $8,200 as Bulls and Bears Fight for Control

As the weekly close approaches Bitcoin remains pinned in the $8,300 to $7,800 range.

Basically, Bitcoin is losing steam and now struggles to pierce $8,200 as trading volume dries up and the Bollinger Bands tighten.

Multiple indicators suggest a move to the downside and bulls will need to push Bitcoin price to a close above $8,200 as soon as possible or a retest of the local bottom at $7,800 is possible.

As mentioned previously, if Bitcoin drops below $7,300 there's trouble and the digital asset could fall further to the $6,500 to $5,700 range.

Assuming Bitcoin can break above $8,200 and the descending channel trendline at $8,250, a move to the 200-MA at $8,700 could occur.

In situations such as these, savvy traders will remember that volume precedes price, so keeping an eye on this indicator and whether or not Bitcoin crosses above the middle arm of the Bollinger Band indicator might be a tell.

Failure to hold at $7,800 could press Bitcoin price down to $7,500.

It seems the majority of traders have taken a bearish bias and expect Bitcoin to drop below $7,800 so taking a look at the order books of your favorite exchange might provide some insight on where hidden support and resistance levels might be.

If many traders have set their stops at $7,600, it's possible that Bitcoin price will slice through this level and quickly drop to $7,300 or below.

For the time being, all eyes are glued on the weekly close as bulls and bears expect Bitcoin to make a decisive move over the next 48-hours.