Bitcoin Rebounds to Above $30K, Resistance Seen at $34K

Bitcoin buyers respond to oversold conditions.

AccessTimeIconJul 21, 2021 at 11:35 a.m. UTC
Updated Mar 6, 2023 at 3:26 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) returned to above its $30,000 support level during Asian trading hours as buyers reacted to oversold conditions. The next levels of resistance are seen at around $32,000 and $34,000 given the intermediate-term downtrend.

The quick rebound to above $30,000 is similar to the June 22 shakeout that preceded a brief price rally. Bitcoin was trading at around $31,400 at press time and is up about 6% over the past 24 hours.

  • The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active toward $34,000 resistance.
  • The 100-period moving average on the four-hour chart is sloping downward as buyers have been quick to take profits on rallies.
  • Short-term momentum is improving as bitcoin returns to a monthlong range. The rebound to above $30,000 suggests selling pressure from June is starting to slow.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.