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Bitcoin Upside Fades, Lower Support at $34K
BTC faces slowing momentum as buyers struggle at resistance.
Updated Mar 6, 2023, 3:40 p.m. Published Jun 16, 2021, 11:18 a.m.
Bitcoin (BTC) has traded sideways over the past two days as buyers face resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback toward $38,000, although stronger support is seen at $34,000.
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Bitcoin was trading at around $39,200 at press time and is up about 7% over the past seven days.
- The relative strength index (RSI) on the hourly chart registered a series of lower highs over the past few days. That reflects slowing momentum behind the latest price jump.
- For now, the 100-period moving average on the hourly chart is sloping upward, which indicates an improving short-term trend. Buyers will need to defend support above $34,000 in order to maintain a period of stabilization after May’s sell-off.
- Further upside appears to be limited as intraday charts shake off overbought conditions. The daily chart is still in recovery mode with minor signs of downside exhaustion.
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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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