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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.
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.
STORY CONTINUES BELOW
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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.
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.
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