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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.
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Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has broken out of its longest stretch of underperformance in history and is ready to beat stocks, bonds, and gold as inflation stubbornly sticks around.
What to know:
- Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors.
- Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor...
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