Bitcoin Stalls at Resistance; Minor Support Nearby

Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.

Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance at around $32,000-$34,000, which could limit upside price moves.

Bitcoin was trading at around $31,700 at press time and is roughly flat over the past week.

The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which could encourage further selling over the short-term.
The daily RSI is rising from oversold levels since Tuesday and displays a bullish divergence. Higher lows on the daily RSI suggests the intermediate-term downtrend is slowing.
Bitcoin remains in a tight range of between $30,000 and $36,000 as the broader uptrend weakens.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

01

01

48

44

Bitcoin Stalls at Resistance, Minor Support Nearby

Bitcoin buyers should remain active above $30K support.

10 Years of Decentralizing the Future