Bitcoin (BTC) sellers returned during Asian trading hours given the strong resistance near the $40,000 level. The cryptocurrency was trading at around $38,000 at press time and is down 5% over the past week. Initial support is seen at around $34,000 and $36,000, which could stabilize the pullback.
- Initial support is seen at $36,000, which is near the 100-period moving average on the four-hour chart. Buyers will likely defend support above $30,000 as bitcoin remains in a consolidation phase.
- Bitcoin’s intermediate-term downtrend remains in effect despite the near 30% short-squeeze rally over the past two weeks.
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.