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Bitcoin Rallies From Oversold Levels; Faces Resistance at $40K
The short-term trend is improving after a series of lower price highs since May.
Updated Mar 6, 2023, 3:39 p.m. Published Jun 10, 2021, 11:28 a.m.
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.
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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.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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