Share this article
Bitcoin Holds Support; Faces Resistance at $36K
Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000.
Updated Mar 6, 2023, 3:19 p.m. Published Jul 5, 2021, 11:32 a.m. 1 min read
Bitcoin (BTC) buyers were active over the weekend, supporting a nearly 6% price jump that stalled near the $36,000 resistance level. The cryptocurrency was trading around $34,000 support at press time and is down about 3% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered an overbought signal on Sunday, which preceded a pullback towards the current support zone.
- The RSI is oversold on the hourly chart, suggesting further upside is likely towards initial resistance at $36,000.
- Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000. This means buyers were able to defend rising support levels, albeit within a tight range.
- A breakout above $36,000 would yield an upside target towards $40,000 as momentum improves. For now, upside appears limited beyond the month-long trading range given the downtrend since April.
More For You
Nvidia's stronger-than-expected results and bullish AI outlook lifted crypto mining stocks tied to data center and high-performance computing demand, even as the chipmaker's shares fell due to growth concerns.
What to know:
- Nvidia reported first-quarter revenue of $81.62 billion, up 85 percent from a year earlier and above Wall Street expectations, as AI infrastructure demand continued to surge.
- Data Center now accounts for more than 90 percent of Nvidia’s revenue, prompting the company to reorganize its reporting into two segments: Data Center...
Top Stories
