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Bitcoin Upside Stalls, Could Find Support Near $30K-$33K
Bitcoin was unable to sustain a series of higher price lows over the past few days.
Updated Mar 6, 2023, 2:47 p.m. Published Jun 30, 2021, 11:33 a.m. 1 min read
Bitcoin (BTC) stalled near $36,000 resistance during Asia hours and could face further downside towards the $30,000-$33,000 support zone. The cryptocurrency was trading around $34,000 at press time and is down about 2% over the past 24 hours.
- The relative strength index (RSI) reached overbought levels on the four-hour chart on Tuesday, which could keep sellers active over the short term.
- Bitcoin was unable to sustain a series of higher price lows over the past few days. This means a period of consolidation could persist as selling pressure stabilizes from May.
- Initial support is seen at the 50-period moving average on the four-hour chart at $33,000. Although, buyers could find more attractive entry levels near $30,000 once oversold conditions appear on the chart.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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