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Bitcoin Holds $30K Support After Volatile Shakeout; Resistance at $36K
BTC is up 9% over the past 24 hours.
Updated Mar 6, 2023, 3:32 p.m. Published Jun 23, 2021, 11:20 a.m.
Bitcoin (BTC) returned above the $30,000 level on Tuesday after a volatile trading session. Buyers quickly stepped in as oversold conditions appeared on intraday charts. The next level of resistance is seen around $36,000, which could limit further upside.
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The world’s largest cryptocurrency by market value was trading around $34,000 at press time and is up 9% over the past 24 hours.
- The near-10% price drop on Tuesday was typical of a shakeout, which signals a period of market turmoil when sellers capitulate.
- Bitcoin’s two-month downtrend appears exhausted after the relative strength index (RSI) on the daily chart registered a higher low. This means buyers could remain active towards upper resistance levels.
- The RSI on the four-hour chart is not yet overbought, although bitcoin is still below the 100-period moving average, suggesting resistance could be found at $36,000.
- Stronger resistance is seen at $40,000 which is near the upper bound of a month-long range.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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