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Bitcoin Stalls at $35K Resistance, Lower Support at $30K
Bitcoin's short-term downtrend is slowing, although upside appears to be limited heading into the weekend.
Updated Mar 6, 2023, 2:58 p.m. Published Jun 25, 2021, 11:23 a.m.
Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support at around $30,000 during a volatile week.
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A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading at around $33,700 at press time, and is down about 5% over the past seven days.
- Upside remains limited given the downward sloping 50-day moving average, showing added resistance at $40,000.
- The relative strength index (RSI), however, registered a series of higher lows, which means the two-month downtrend is slowing as buyers return.
- Bitcoin remains stuck in a range between $30,000 and $40,000 with no clear signs of an ultimate price low. The weekly chart is not yet oversold, meaning sellers remain in control despite short-term relief rallies.
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Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
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