Bitcoin Holds Short-Term Support; Faces Resistance At $36K
9 Jun, 2021•1 min read•Bitcoin
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.Source