Bitcoin Stalls at $35K Resistance, Lower Support at $30K

Bitcoin's short-term downtrend is slowing, although upside appears to be limited heading into the weekend.

Jun 25, 2021 at 11:23 a.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC

Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support at around $30,000 during a volatile week.  

A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading at around $33,700 at press time, and is down about 5% over the past seven days.

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  • Upside remains limited given the downward sloping 50-day moving average, showing added resistance at $40,000.
  • The relative strength index (RSI), however, registered a series of higher lows, which means the two-month downtrend is slowing as buyers return.
  • Bitcoin remains stuck in a range between $30,000 and $40,000 with no clear signs of an ultimate price low. The weekly chart is not yet oversold, meaning sellers remain in control despite short-term relief rallies.
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