Bitcoin Rangebound at Support; Resistance at $36K
Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
Updated Mar 6, 2023 at 3:37 p.m. UTC
![Bitcoin four-hour chart](https://www.coindesk.com/resizer/ZhkEVAnGxgGUQ2IVKc_oOTDXT4w=/567x398/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZF33KMPH35HM5K2DLXHZFO6UTQ.png)
Bitcoin (BTC) was holding support around $33,000 at press time and is down about 5% over the past week. The cryptocurrency had a choppy trading session during Asia hours and is stuck in a tight range since June. Initial resistance is seen at $36,000 as short-term buyers continue to take profits.
- A series of lower price highs over the past two weeks has prevented bitcoin from reaching $40,000, which is the top of the trading range.
- Minor support is seen at $33,000, which is near the 100-day moving average on the four-hour chart.
- Bitcoin also has a series of higher price lows from the June 22 shakeout around $29,000. Lower price highs and higher prices lows indicates a period of consolidation as buyers and sellers are undecided about future price direction.
- The relative strength index (RSI) is broadly neutral after reaching overbought levels on July 4, which preceded a pullback in price.