Bitcoin Upside Fades, Lower Support at $34K

BTC faces slowing momentum as buyers struggle at resistance.

Jun 16, 2021 at 11:18 a.m. UTC
Updated Sep 14, 2021 at 1:11 p.m. UTC

Bitcoin (BTC) has traded sideways over the past two days as buyers face resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback toward $38,000, although stronger support is seen at $34,000.

Bitcoin was trading at around $39,200 at press time and is up about 7% over the past seven days.

  • The relative strength index (RSI) on the hourly chart registered a series of lower highs over the past few days. That reflects slowing momentum behind the latest price jump.
  • For now, the 100-period moving average on the hourly chart is sloping upward, which indicates an improving short-term trend. Buyers will need to defend support above $34,000 in order to maintain a period of stabilization after May’s sell-off.
  • Further upside appears to be limited as intraday charts shake off overbought conditions. The daily chart is still in recovery mode with minor signs of downside exhaustion.
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