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.

CoinDesk - Unknown

  • 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.

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.