Bitcoin Approaching Short-Term Support at $34K-$36K
4 d ago•1 min read•Bitcoin
Bitcoin (BTC) sellers remained active during Asia hours as the cryptocurrency slipped further below $40,000 resistance. The next level of support is seen around $34,000-$36,000, which could stabilize the pullback.
Bitcoin was trading around $38,000 at press time and is down 2% over the past 24 hours. The short-term uptrend is weakening, although buyers could return for a brief bounce at support.The relative strength index (RSI) is approaching oversold levels on the four-hour chart, which could encourage short-term buying.Bitcoin broke below a series of higher price lows from the July 19 short-squeeze around $30,000. This suggests buyers are in profit taking mode given recent overbought signals on the daily chart.The weekly chart is not yet oversold, although downside momentum has slowed considerably over the past month.Source