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Bitcoin Stabilizes in Tight Trading Range, Resistance at $33K
BTC continues to trade around a midpoint of $30,000 as indicators remain neutral.
Updated May 11, 2023, 6:06 p.m. Published Jun 2, 2022, 5:47 p.m. 1 min read
Bitcoin (BTC) held initial support near $29,300, which was where an upswing in price originated over the past weekend.
BTC was trading around $30,200 at press time and is roughly flat over the past 24 hours and up by 3% over the past week.
The cryptocurrency remains in a tight intraday range, with a midpoint at $30,100. That's where the most trading volume occurred over the past two weeks. For now, BTC's price could continue to revert to that midpoint level until a decisive breakout or breakdown is confirmed.
Upside appears to be limited between the $33,000-$35,000 resistance zone, especially as momentum signals remain negative on long-term charts.
Still, momentum remains positive on the daily chart, which could keep short-term buyers active. The 14-day relative strength index (RSI) will need to return above the 50 neutral mark to sustain a recovery bounce in price.
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The S&P 500 posted its longest weekly winning streak since 2023 and Brent oil stabilized near $92 on US-Iran ceasefire hopes. The biggest cryptocurrencies still drifted lower, with Hyperliquid's HYPE the only major name to rally.
What to know:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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