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Bitcoin Relief Rally Fades; Support Holds at $32K
Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.
Updated Mar 6, 2023, 3:20 p.m. Published Jun 24, 2021, 11:30 a.m.
Bitcoin's (BTC) price gave up some of its gains after rising nearly 20% after the shakeout low of close to $29,000 on Tuesday. The cryptocurrency is holding support above $32,000, although initial resistance is seen around $36,000.
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Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.
- The relative strength index (RSI) on the hourly chart registered an overbought signal on Wednesday, which preceded some profit taking around $34,700.
- Bitcoin is attempting to reverse a short-term downtrend as price settles above the 50-period volume weighted moving average on the hourly chart.
- Buyers should remain active given the bullish divergence on the daily RSI, although upside appears limited with resistance between $36,000 and $40,000.
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Speculators maintain net bullish positions in the yen, limiting scope for sudden JPY strength and mass carry unwind.
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