Bitcoin Pares Earlier Losses; Resistance at $33K

Bitcoin (BTC) recovered from a low of around $28,000 earlier in the New York trading day. The cryptocurrency remains in a tight trading range, anchored at the $30,000 price level over the past two weeks.

BTC was trading around $29,500 at press time and is roughly flat over the past 24 hours, and down by 2% over the past week.

The relative strength index (RSI) on the daily chart is rising from oversold levels, although it remains below the 50 neutral mark. A reading above 50 could indicate a brief recovery phase.

For now, there is strong resistance on the chart, initially at $33,000 and then at $35,000, which could stall an upswing in price. Momentum will need to improve on the weekly and monthly charts in order to sustain a price rise.

Most indicators are neutral over the short term and bearish over the long-term, which means upside is limited from here.

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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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