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Bitcoin Struggles at Resistance; Lower Support Near $34K
Lower support near $34,000 could stabilize the pullback into the weekend.
Updated Mar 6, 2023, 3:15 p.m. Published Jul 30, 2021, 11:24 a.m.
Bitcoin (BTC) declined from the $40,000 resistance level during Asia hours. The short-term uptrend appears exhausted, although lower support near $34,000 could stabilize the pullback into the weekend.
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The intermediate-term downtrend is in effect, defined by lower price highs since April. Buyers have consistently taken profits at resistance levels, although there has been a significant loss of downside momentum since the May low around $30,000.
Bitcoin was trading around $38,800 at press time and is down 3% over the past 24 hours.
- The relative strength index (RSI) on the daily chart is the most overbought since April, which could keep short-term sellers active towards lower support levels.
- There is strong resistance between $40,000 and $42,000, which is near the 100-day moving average.
- The 50-day moving average is sloping upwards near $34,000 support, an indication that buyers are responding to improving momentum.
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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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