Bitcoin Gathers Upside Momentum; Faces Resistance Near $40K

Bitcoin Gathers Upside Momentum; Faces Resistance Near $40K

Bitcoin (BTC) buyers remained active during Asia hours and defended initial support around $33,800. The next level of resistance is seen between $38,000-$40,000, which is near the top of a month-long range.

The $30,000 support level was re-tested over the weekend, marking a higher low from the June 22 shakeout around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.

Bitcoin was trading around $35,000 at press time and is up 4% over the past 24-hours.

  • Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought.
  • The corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief rally could stabilize selling pressure until overbought signals appear on the charts.
  • For now, bitcoin is stuck in a range as sellers maintain a series of lower price highs since April.
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