Bitcoin Rebounds to Above $30K, Resistance Seen at $34K
Bitcoin (BTC) returned to above its $30,000 support level during Asian trading hours as buyers reacted to oversold conditions. The next levels of resistance are seen at around $32,000 and $34,000 given the intermediate-term downtrend.
The quick rebound to above $30,000 is similar to the June 22 shakeout that preceded a brief price rally. Bitcoin was trading at around $31,400 at press time and is up about 6% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active toward $34,000 resistance.
- The 100-period moving average on the four-hour chart is sloping downward as buyers have been quick to take profits on rallies.
- Short-term momentum is improving as bitcoin returns to a monthlong range. The rebound to above $30,000 suggests selling pressure from June is starting to slow.
- Market Wrap: Bitcoin Climbs as Elon Musk Tames Shorts
- Bitcoin Reclaims $30K as the Macro Discussion Shifts From Inflation to COVID-19 to Growth
- Elon Musk Says SpaceX Holds Bitcoin at ‘B Word’ Conference
- Bitcoin Futures Positions at 2-Month High as Traders Go Short
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.