Bitcoin Stabilizes Within Range as Short-Term Trend Improves

Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.

AccessTimeIconJun 3, 2021 at 11:09 a.m. UTC
Updated Sep 14, 2021 at 1:05 p.m. UTC

Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.

  • Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
  • On the daily chart, the relative strength index (RSI) is rising from oversold levels which could keep buyers active towards $42,000 resistance.
  • A decisive breakout above resistance would yield an upside target around $45,000.
  • Bitcoin was trading around $39,300 at press time and was up about 5% over the past 24 hours.
CoinDesk - Unknown

DISCLOSURE

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

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC