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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.
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.
STORY CONTINUES BELOW
- 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.
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.
