The world’s largest cryptocurrency is entering July on a negative note and is down about 4% over the past 24 hours. Bitcoin was trading at around $33,000 at press time.
- The relative strength index (RSI) is not yet oversold on the four-hour chart, which means sellers could remain active toward lower support levels.
- Bitcoin failed to reverse a short-term downtrend over the past two weeks as resistance remains strong at between $36,000 and $40,000.
- The 50-period moving average on the four-hour chart is stabilizing, although the price is attempting to break down, keeping up with a series of lower highs over the past quarter.
- Bitcoin has remained in a consolidation phase since June, although improving momentum could support a relief bounce if buyers defend $30,000 support.