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Bitcoin Stalls at Resistance; Lower Support at $36K
However, the short-term trend is improving as the daily chart advances from oversold levels.
Updated Mar 6, 2023, 3:33 p.m. Published Jun 15, 2021, 11:23 a.m.
Bitcoin (BTC) approached resistance at around $41,000 on Monday, which triggered some profit taking. The month-long range is still in effect as short-term overbought signals limit upside moves. Initial support is seen around $36,000, which could stabilize a brief pullback.
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Bitcoin was trading around $40,000 at press time and is up about 2% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart reached overbought levels on Sunday shortly after the near 6% price jump on Sunday.
- The previous overbought signal on the RSI occurred on June 3 ahead of a near-20% sell-off towards the $30,000 support zone.
- There is strong resistance at $41,000, which has capped upside moves over the past month.
- However, the short-term trend is improving as the daily chart advances from oversold levels. This means the corrective phase from May has stabilized as traders await confirmation of a breakout or breakdown from the current range.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
- Analysts highlight $70,000 as key support, with the potential for a sharp rise due to revived ETF demand and positive market forecasts.
- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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