Bitcoin (BTC) buyers remained active during Asian trading hours as they defended initial support of about $33,800. The next level of resistance is seen between $38,000 and $40,000, which is near the top of a monthlong range.
The $30,000 support level was retested over the weekend, marking a higher low from the June 22 shakeout of around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.
Bitcoin was trading at about $35,000 at press time and is up 4% over the past 24 hours.
- Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought.
- The corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief rally could stabilize selling pressure until overbought signals appear on the charts.
- For now, bitcoin is stuck in a range as sellers have maintained a series of lower price highs since April.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.