Bitcoin Bounce Falls Short at Resistance; Support at $30K-$34K
The relief rally from the June 8 low around $31,000 was short-lived as buyers struggled near $40,000 resistance this week. Bitcoin (BTC) is stuck in a month-long consolidation phase and could face downside pressure into the weekend.
The daily price chart shows a series of lower price highs since April, which suggests sellers are in control. Initial support is seen at $34,000 and then at $30,000, although upside appears limited given the downward sloping 50-day moving average.
Bitcoin was trading around $37,900 at press time and is down about 3% over the past 24-hours.