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Bitcoin Holds Short-Term Support; Faces Resistance at $36K
Oversold readings suggest limited upside for BTC toward $36K.
Updated Mar 6, 2023, 2:50 p.m. Published Jun 9, 2021, 11:26 a.m.
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Bitcoin (BTC) held support at $31,000 on Tuesday and now faces resistance near $36,000. The cryptocurrency was trading at about $34,500 at press time.
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The sell-off over the past week is now stabilizing as buyers respond to oversold conditions. Any upside appears to be limited, however, as bitcoin consolidates within a tight trading range.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Tuesday, which preceded a 4% price rise.
- Bitcoin is attempting to break above a series of lower price highs over the past week. And since the RSI is not yet overbought, buyers could remain active toward $36,000.
- Resistance is seen at the 100-period moving average on the four-hour chart. The slope of the moving average is flattening, which suggests the downtrend from May is stabilizing.
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Ripple-linked XRP drops 5%, opening downside risk toward $1.70
Traders are watching $1.80 as near-term support, with $1.87–$1.90 now the key resistance zone.
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- XRP dropped about 5 percent from $1.91 to near $1.80 as bitcoin’s pullback sparked broad risk-off selling across high-beta tokens.
- The slide accelerated once XRP broke below key support around $1.87 on heavy volume, erasing last week’s gains before buyers stepped in near the $1.78–$1.80 zone.
- Traders now view $1.80 as a crucial support level, with a sustained move back above roughly $1.87–$1.90 needed to signal a corrective pullback rather than the start of a deeper decline.
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