Share this article
BTC
$85,028.70
+
0.60%ETH
$1,614.16
+
1.39%USDT
$0.9997
+
0.01%XRP
$2.0825
+
0.15%BNB
$590.76
-
0.25%SOL
$138.55
+
3.27%USDC
$0.9998
+
0.01%DOGE
$0.1571
-
0.47%TRX
$0.2427
+
0.46%ADA
$0.6267
-
0.06%LEO
$9.3009
+
0.76%LINK
$12.93
+
2.37%AVAX
$20.02
+
4.58%XLM
$0.2468
+
2.34%TON
$2.9557
-
1.98%SHIB
$0.0₄1228
+
0.43%SUI
$2.1570
+
0.57%HBAR
$0.1658
+
0.13%BCH
$334.27
-
2.32%HYPE
$17.79
+
5.83%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Rallies From Oversold Levels; Faces Resistance at $40K
The short-term trend is improving after a series of lower price highs since May.
Bitcoin (BTC) broke above initial resistance at $36,000 after a near 13% rise on Wednesday. The next resistance level is seen at $40,000, which capped upside moves over the past two weeks.
Story continues
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The short-term trend is improving after a series of lower price highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.
- Bitcoin returned above the 100-day moving average on the four-hour chart and is approaching short-term overbought levels.
- Buyers could remain active towards $40,000, which is also near the 200-day moving average. The cryptocurrency was trading around $38,000 at press time.
- If a pullback occurs, bitcoin should find initial support around $34,000. Lower support around $30,000 was tested multiple times over the past two weeks as buyers return.
- Bitcoin will need to break free of the short-term consolidation phase to maintain the bullish uptrend. For now, recoveries appear limited given strong overhead resistance.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
