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Bitcoin is locked in a side trend

Bitcoin advanced 0.75% on Thursday, September 9. The BTCUSD pair remains in a sideways trend within a range of $45,500-$47,400. Given how thin the market is, sellers can easily push the lower bound down to $44,500.

Price action has been stuck in a sideways trend for almost three days, hovering around the $46,350 level. The longer the rangebound trend lasts, the greater the uncertainty and the higher the odds of sharp fluctuations (breaking stops above/below the channel boundary). Given that the price is consolidating below the 50% level of the decline from $52,920 to $42,843, sellers command the market on the hourly TF. A bullish trend persists on the daily TF and beyond.

On Thursday, the DXY index closed lower and has been in decline on Friday. Conversely, equity index futures are on the rise. Meanwhile, risk appetite persists. Bitcoin’s market domination currently stands at 40.88%. Traders and investors have taken to the sidelines and are waiting for some piece of news to break out of the current range.

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