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Bitcoin Stabilizes Within Range as Short-Term Trend Improves
Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
Updated Mar 6, 2023, 3:12 p.m. Published Jun 3, 2021, 11:09 a.m.
Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.
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- Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
- On the daily chart, the relative strength index (RSI) is rising from oversold levels which could keep buyers active towards $42,000 resistance.
- A decisive breakout above resistance would yield an upside target around $45,000.
- Bitcoin was trading around $39,300 at press time and was up about 5% over the past 24 hours.
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Downward pressure on bitcoin is losing steam, with the market stabilizing but not yet out of the woods, said one analyst.
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- Bitcoin rebounded from a sharp early selloff on Thursday to trade above $93,000 shortly after the close of U.S. stocks.
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