Bitcoin faced downward pressure on Wednesday, yet its broader bullish framework remains intact. Declining to $84,200 early Wednesday—a drop of over 2% from Tuesday’s near-$86,500 level per CoinDesk data—the asset continues to trade within a two-week range, preserving its months-long bullish stair-step trajectory.
“The October 7 decline does not invalidate Bitcoin’s stair-step rise,” Vikram Subburaj, CEO of Indian crypto exchange Giottus, told CoinDesk.
Since July, bitcoin has advanced through a sequence of progressively higher consolidation ranges. Characterized as a stair-step pattern, sharp rallies represent the climbs between steps, while periods of sideways trading form the flat plateaus.
Between mid-July and August 18, bitcoin traded between approximately $62,000 and $67,000, followed by a 21% surge over three days.
A subsequent range emerged from late August to mid-September, spanning roughly $76,000 to $81,500, interrupted by a 6.6% jump from September 19 to September 21.
Since that period, bitcoin has traded within a range of approximately $83,000 to $87,000.
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