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Bitcoin Holds Short-Term Support; Faces Resistance at $36K
Oversold readings suggest limited upside for BTC toward $36K.
Updated Mar 6, 2023, 2:50 p.m. Published Jun 9, 2021, 11:26 a.m. 1 min read
Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading at about $34,500 at press time.
The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. Any upside appears to be limited, however, as bitcoin consolidates within a tight trading range.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday, which preceded a 4% price rise.
- Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active toward $36,000.
- Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening, which suggests the downtrend from May is stabilizing.
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- Down sharply earlier Saturday, bitcoin moved to gains on the day after President Trump announced a peace agreement with Iran and other Middle Eastern countries.
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