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Bitcoin Momentum Improves, Faces Resistance at $34K
Bitcoin is holding onto gains above $30K.
Bitcoin (BTC) is holding onto gains after a strong return above $30,000 on Wednesday. The cryptocurrency is starting to stall at around $32,400 at press time and is up about 2% over the past week.
Story continues
Short-term momentum is improving, albeit within an intermediate-term downtrend that began in April. Initial resistance is seen at the 50-day moving average near $34,000.
- The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active into the weekend.
- Resistance remains strong at around $40,000, which is near the top of the two-month price range.
- The weekly chart is not yet oversold, although downside momentum 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.
