Cryptocurrencies

Bitcoin Stalls at Resistance, Minor Support Nearby

Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.

Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance at around $32,000-$34,000, which could limit upside price moves.  

Bitcoin was trading at around $31,700 at press time and is roughly flat over the past week.

  • The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which could encourage further selling over the short-term.
  • The daily RSI is rising from oversold levels since Tuesday and displays a bullish divergence. Higher lows on the daily RSI suggests the intermediate-term downtrend is slowing.
  • Bitcoin remains in a tight range of between $30,000 and $36,000 as the broader uptrend weakens.

Related: NFT Craze Remains a Nonfactor for Ether’s Price

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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