Sirwin
Sirwin

Bitcoin Resistance at $35K, Support at $30K


Bitcoin (BTC) is trading lower after a brief 5% bounce on Sunday. The cryptocurrency stalled at around $35,000 resistance and could find support at $30,000, which is the bottom of a monthlong trading range.

11961d79a8fde725e878473bd3497adff1fb6d362c1378e9eb182c870a617a2a.png

  • The relative strength index (RSI) on the four-hour chart is declining near overbought territory. That is similar to last week, which preceded a nearly 15% price drop.
  • Buyers were able to defend $30,000 support last week, registering a higher low from the June 22 shakeout. This means sideways trading could persist until a decisive breakout above $40,000 or breakdown below $30,000 occurs.
  • Bitcoin is still in relief mode following the May sell-off and is up about 7% over the past week, although upside appears to be limited below $40,000 given the intermediate-term downtrend.

How do you rate this article?

3



CASA CRIPTO
CASA CRIPTO

LEAN ABOUT CRYPTO AND EARN FREE

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.