Bitcoin Bounces Above $27K-$30K Support Zone; Resistance at $33K-$35K

BTC's current price range remains intact after several weeks of negative returns.

AccessTimeIconJun 6, 2022 at 6:32 p.m. UTC
Updated Jun 6, 2022 at 7:06 p.m. UTC

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.

Bitcoin (BTC) experienced another relief bounce over the past 24 hours, similar to what occurred last weekend. The cryptocurrency is holding support above $27,000 and $30,000, which could keep short-term buyers active.

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.

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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.

CoinDesk - Unknown

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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