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Bitcoin Rebounds to Above $30K, Resistance Seen at $34K
Bitcoin buyers respond to oversold conditions.
Updated Mar 6, 2023, 3:26 p.m. Published Jul 21, 2021, 11:35 a.m.
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Bitcoin (BTC) returned to above its $30,000 support level during Asian trading hours as buyers reacted to oversold conditions. The next levels of resistance are seen at around $32,000 and $34,000 given the intermediate-term downtrend.
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The quick rebound to above $30,000 is similar to the June 22 shakeout that preceded a brief price rally. Bitcoin was trading at around $31,400 at press time and is up about 6% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active toward $34,000 resistance.
- The 100-period moving average on the four-hour chart is sloping downward as buyers have been quick to take profits on rallies.
- Short-term momentum is improving as bitcoin returns to a monthlong range. The rebound to above $30,000 suggests selling pressure from June is starting to slow.
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Bitcoin sinks to $66,000, U.S. stocks lose steam as Fed minutes mention possible rate hike
Bitcoin is now on track for its fifth consecutive weekly decline, and losing this level could open the floor for a fresh leg lower.
What to know:
- Bitcoin fell back to $66,000 on Wednesday afternoon, testing the lower end of its recent trading range.
- Crypto-related stocks reversed early gains, with Coinbase swinging from a 3% morning rise to a 2% loss and Strategy slipping about 3%.
- Surprisingly hawkish Fed minutes had the U.S.dollar strengthening, putting pressure on risk assets.
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