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Bitcoin Struggles Below $40K; Upside Limited as Trend Weakens
BTC remains in a tight trading range as the uptrend weakens. Upside appears limited this week.
Updated Mar 6, 2023, 3:29 p.m. Published Jun 7, 2021, 11:25 a.m.
Bitcoin (BTC) failed to sustain moves above $39,000 last week, which was followed by a series of lower price highs. There is strong resistance around $37,600 which could limit upside this week.
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At press time, the largest cryptocurrency was changing hands around $36,500.
While the long-term uptrend remains intact, slowing momentum and tighter trading ranges are keeping buyers on the sideline.
- The relative strength index (RSI) is not yet overbought on the hourly chart, which could support a brief price bounce towards $37,000 resistance.
- The daily RSI continues to hover around oversold levels. However, the weekly RSI is not yet oversold suggesting sellers could remain in control.
- Bitcoin is down about 2% over the past seven days and has been stuck in a tight range between $34,000 and $39,000.
- Volatility has declined from extreme levels in May, but remains elevated relative to April.
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Traders mull the bottom as bitcoin returns to week's lows below $86,000
One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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