Bitcoin Bounce Fades; Minor Support at $30K-$36K

Bitcoin (BTC) attempted to re-test the $40,000 resistance level on Wednesday, although the price bounce was short-lived. The cryptocurrency could find support at $36,000 on intraday charts, although stronger support is seen at $30,000.

BTC was trading at $37,800 at press time and has been roughly flat over the past 24 hours.

The relative strength index (RSI) on the four-hour chart is neutral, which means the price could remain within the $36,000-$40,000 range into the Asia trading day. On the hourly chart, however, the RSI is declining from overbought levels. That means sellers could remain active over the short term.

Momentum signals are still negative, which is one reason why price bounces have been brief over the past few months. For now, upside appears to be limited beyond $46,000.

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Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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