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Bitcoin Struggles at Resistance; Lower Support Near $34K
Lower support near $34,000 could stabilize the pullback into the weekend.
Updated Mar 6, 2023, 3:15 p.m. Published Jul 30, 2021, 11:24 a.m.
Bitcoin (BTC) declined from the $40,000 resistance level during Asia hours. The short-term uptrend appears exhausted, although lower support near $34,000 could stabilize the pullback into the weekend.
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The intermediate-term downtrend is in effect, defined by lower price highs since April. Buyers have consistently taken profits at resistance levels, although there has been a significant loss of downside momentum since the May low around $30,000.
Bitcoin was trading around $38,800 at press time and is down 3% over the past 24 hours.
- The relative strength index (RSI) on the daily chart is the most overbought since April, which could keep short-term sellers active towards lower support levels.
- There is strong resistance between $40,000 and $42,000, which is near the 100-day moving average.
- The 50-day moving average is sloping upwards near $34,000 support, an indication that buyers are responding to improving momentum.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
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