Bitcoin (BTC) buyers were active over the weekend, supporting a nearly 6% price jump that stalled near the $36,000 resistance level. The cryptocurrency was trading around $34,000 support at press time and is down about 3% over the past 24 hours.

  • The relative strength index (RSI) on the four-hour chart registered an overbought signal on Sunday, which preceded a pullback towards the current support zone.
  • The RSI is oversold on the hourly chart, suggesting further upside is likely towards initial resistance at $36,000.
  • Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000. This means buyers were able to defend rising support levels, albeit within a tight range.
  • A breakout above $36,000 would yield an upside target towards $40,000 as momentum improves. For now, upside appears limited beyond the month-long trading range given the downtrend since April.
CoinDesk - Unknown

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.