Bitcoin Finds Support at $30K; Faces Resistance at $36K

The sell-off in bitcoin (BTC) has been stabilizing around $30,000 support since Monday, which could attract short-term buyers. Upside appears limited near the $36,000 resistance level given the near three-month downtrend.

Bitcoin was trading around $31,700 at press time and is down about 22% over the past seven days. Sellers remain in control, which could cap upside moves this week.

The relative strength index (RSI) registered an oversold reading on May 19. Since then, buyers have defended support around $30,000.
Upside momentum is weak, evidenced by several weeks of consolidation below $41,000 resistance.
The RSI on the weekly chart is not yet oversold, meaning sellers have not yet capitulated.
Lower support is seen around $27,000, which is a 61% retracement of the March 2020 low.

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Damanick Dantes

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