Bitcoin Declines from $36K Resistance, Could Find Support at $30K

BTC starts July on a negative note, although buyers could return at $30K support.

Jul 1, 2021 at 11:21 a.m. UTC
Updated Sep 14, 2021 at 1:19 p.m. UTC

Bitcoin (BTC) is under pressure after buyers took profits near the $36,000 resistance mark on Tuesday. Lower support is seen at around $30,000, which is the bottom of the monthlong trading range.

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.  

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