Bitcоin

Bitcoin Holds Support; Faces Resistance at $36K

Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading around $34,500 at press time.

The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. However, upside appears limited as bitcoin consolidates within a tight trading range.

  • The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday which preceded a 4% price rise.
  • Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active towards $36,000.
  • Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening which suggests the downtrend from May is stabilizing.

   

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