Bitcoin Momentum Improves, Faces Resistance at $34K

Bitcoin is holding onto gains above $30K.

AccessTimeIconJul 23, 2021 at 11:31 a.m. UTC
Updated Mar 6, 2023 at 3:41 p.m. UTC
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Bitcoin (BTC) is holding onto gains after a strong return above $30,000 on Wednesday. The cryptocurrency is starting to stall at around $32,400 at press time and is up about 2% over the past week.

Short-term momentum is improving, albeit within an intermediate-term downtrend that began in April. Initial resistance is seen at the 50-day moving average near $34,000.

  • The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active into the weekend.
  • Resistance remains strong at around $40,000, which is near the top of the two-month price range.
  • The weekly chart is not yet oversold, although downside momentum is starting to slow.

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