Bitcoin Stalls at $35K Resistance, Lower Support at $30K.
After approaching resistance near $35,000 on Thursday, Bitcoin (BTC) is displaying signs of upside weariness. After defending support at approximately $30,000 throughout a turbulent week, the cryptocurrency is still in relief mode.
Although increasing momentum should keep buyers active at support, a short-term downturn is expected to continue throughout the weekend. At press time, Bitcoin was trading at roughly $33,700, down around 5% over the previous seven days.
- - The downward sloping 50-day moving average, which has added resistance at $40,000, limits upside.
- - However, the relative strength index (RSI) recorded a sequence of higher lows, indicating that the two-month downturn is easing as buyers return.
- - Bitcoin is still trapped in a price range of $30,000 to $40,000, with no apparent evidence of a price bottom. Despite short-term relief rallies, the weekly chart is not yet oversold, implying that sellers remain in charge.
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