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Bitcoin Holds Short-Term Support; Faces Resistance at $36K

Oversold readings suggest limited upside for BTC toward $36K.

By Damanick Dantes
AccessTimeIconJun 9, 2021 at 11:26 a.m. UTC
Updated Mar 6, 2023 at 2:50 p.m. UTC
Bitcoin four-hour chart

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Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading at about $34,500 at press time.

The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. Any upside appears to be limited, however, as bitcoin consolidates within a tight trading range.

  • The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday, which preceded a 4% price rise.
  • Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active toward $36,000.
  • Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening, which suggests the downtrend from May is stabilizing.

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