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Bitcoin Slips Below $40K; Support Around $34K
The weekly chart is holding support and could signal a return of positive momentum this month.
Updated Mar 6, 2023, 2:58 p.m. Published Aug 2, 2021, 11:21 a.m. 1 min read
Bitcoin (BTC) buyers are taking profits after a rally toward $42,000 over the weekend. The cryptocurrency appears overbought and could find support around $34,000, which is the midpoint of a two-month range.
The intermediate-term uptrend is improving after a near 30% rally from the July 20 low around $29,000. Buyers could remain active at lower support levels given the loss of downside momentum over the past month.
Bitcoin was trading around $39,500 at press time and is down 4% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered a series of lower highs, which suggests the short-term uptrend is weakening.
- The RSI is not yet oversold and could encourage further profit taking towards initial support around $34,000.
- Bitcoin returned below the 100-day moving average after overbought signals appeared for the first time since April, which preceded a sell-off.
- The weekly chart is holding support and could signal a return of positive momentum this month.
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"An Agreement has been largely negotiated, subject to finalization between the United States of America, the Islamic Republic of Iran, and the various other Countries," wrote President Trump late Saturday afternoon.
Що варто знати:
- 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.
- As part of the deal, Trump said, the Strait of Hormuz will be reopened.
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