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Bitcoin Rebounds to Above $30K, Resistance Seen at $34K
Bitcoin buyers respond to oversold conditions.
Bitcoin (BTC) returned to above its $30,000 support level during Asian trading hours as buyers reacted to oversold conditions. The next levels of resistance are seen at around $32,000 and $34,000 given the intermediate-term downtrend.
STORY CONTINUES BELOW
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The quick rebound to above $30,000 is similar to the June 22 shakeout that preceded a brief price rally. Bitcoin was trading at around $31,400 at press time and is up about 6% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active toward $34,000 resistance.
- The 100-period moving average on the four-hour chart is sloping downward as buyers have been quick to take profits on rallies.
- Short-term momentum is improving as bitcoin returns to a monthlong range. The rebound to above $30,000 suggests selling pressure from June is starting to slow.
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.
