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Bitcoin Stuck Below $40K, Eyes Short-Term Oversold Bounce

Bitcoin buyers could maintain support above $36K.

By Damanick Dantes
AccessTimeIconAug 4, 2021 at 11:31 a.m. UTC
Updated Mar 6, 2023 at 3:41 p.m. UTC
Bitcoin hourly chart
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Bitcoin (BTC) buyers continue to struggle below $40,000 resistance as the short-squeeze rally fades. The cryptocurrency was trading at around $38,000 at press time and is down 4% over the past week. Short-term oversold signals suggest the pullback could stabilize above $36,000 support.

  • The relative strength index (RSI) is rising from oversold levels on the hourly chart, which could encourage short-term buying.
  • Upside appears to be limited toward $40,000 resistance as bitcoin remains in a consolidation phase.
  • The daily RSI is declining from overbought levels with slowing momentum, although support could hold above $34,000 to $36,000.

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