BTC is up by 4% over the past 24 hours and is down by 1% over the past week. That suggests the current price range remains intact, which is typical after several weeks of negative returns.
The recent downtrend in price has stabilized above the May 12 low at $25,338, which contributed to rising momentum on the daily chart. For example, the 14-day relative strength index (RSI) returned above the 50 neutral mark Monday after reaching extreme oversold levels on May 9.
Still, momentum remains negative on the weekly and monthly charts, which means an upswing in BTC could be limited. The next resistance zone is between $33,000 and $35,000.
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.