Bitcoin
$43,305.34+2.00%
Ethereum
$3,027.76+3.78%
XRP
$0.976552+7.41%
Cardano
$2.21+6.64%
Polkadot
$31.01+11.55%
Stellar
$0.287230+3.92%
Dogecoin
$0.220635+6.74%
Chainlink
$23.95+5.08%
Uniswap
$21.15+5.46%
Polygon
$1.20+7.74%
Algorand
$1.83+10.58%
Litecoin
$158.90+1.63%
Cosmos
$37.50+13.54%
Bitcoin Cash
$538.14+1.47%
Wrapped Bitcoin
$43,327.35+2.66%
Filecoin
$73.49+1.58%
The Graph
$0.720076+6.16%
Tron
$0.096854+4.47%
Ethereum Classic
$50.14+4.26%
Aave
$296.67+5.13%
Tezos
$5.30+5.45%
Monero
$235.60+4.92%
NEO
$42.22+6.18%
EOS
$4.22+3.21%
IOTA
$1.35+7.12%
BitTorrent
$0.003445+4.94%
Bitcoin SV
$145.40+1.02%
Maker
$2,503.37+2.89%
Waves
$24.38+7.67%
Dash
$171.87+3.72%
Decentraland
$0.702065+9.38%
Decred
$114.17+1.69%
ICON
$1.65+6.69%
NEM
$0.154927+4.38%
Zcash
$119.32+4.21%
OmiseGO
$9.29-2.02%
NuCypher
$0.289824+5.98%
Yearn Finance
$29,982.27+4.48%
Paxos Standard
$1.00+0.00%
Qtum
$10.39+5.07%
Bitcoin Gold
$54.88+3.48%
Basic Attention Token
$0.670953+4.34%
0x
$0.929030+4.58%
Bancor
$3.57+3.89%
Ren
$0.806238+4.64%
Kava.io
$5.48+10.14%
Fetch.ai
$0.689612+5.98%
Siacoin
$0.015703+5.86%
Band Protocol
$7.58+3.32%
Nano
$4.99+10.44%
Loopring
$0.400782+1.83%
Storj
$1.12+3.06%
Numeraire
$41.96+6.74%
Lisk
$3.02+1.37%
Civic
$0.419911+4.35%
Orchid
$0.344801+1.93%
PAX Gold
$1,779.00-0.11%
Enzyme
$159.46+50.83%
Augur
$21.48+1.29%
Aragon
$5.10+6.65%
district0x
$0.155278+4.97%
Kyber Network
$1.51+4.33%
SingularDTV
$0.001342+0.78%
Tether
$1.00+0.09%
USD Coin
$1.00+0.06%
Dai
$1.00-0.02%

Bitcoin Rallies From Oversold Levels; Resistance Nearby

Upside momentum is improving after several months of consolidation.

Jul 26, 2021 at 11:09 a.m. UTC
Updated Sep 14, 2021 at 1:30 p.m. UTC

Bitcoin (BTC) buyers were active over the weekend as the cryptocurrency broke above the 50-day moving average near $34,000. The intermediate-term downtrend is reversing, although resistance near $40,000 could trigger some profit taking.

Upside momentum is improving after several months of consolidation and multiple oversold readings on the charts. Bitcoin was trading around $38,000 at press time and is up 10% over the past 24 hours. Early Monday, the price climbed to about $39,500.

  • The relative strength index (RSI) on the daily chart is approaching overbought levels for the first time since April. This could precede a brief period of profit-taking near the 100-day moving average at $40,000.
  • The weekly RSI is not yet oversold, although selling pressure from May is starting to slow.
  • Price action is consistent with previous rallies from $30,000 support, albeit more persistent given the break above the 50-day moving average.
  • Bitcoin remains in a consolidation phase until price moves above $40,000, which is the top of a two-month range. Initial support is seen around $34,000, which could stabilize a pull-back.  

DISCLOSURE

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.

Loading...