Bitcoin (BTC) returned above $30,000 support during Asia hours as buyers reacted to oversold conditions. The next level of resistance is seen around $32,000 and $34,000 given the intermediate-term downtrend.

The quick rebound above $30,000 is similar to the June 22 shakeout which preceded a brief price rally. Bitcoin was trading 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 towards $34,000 resistance.
The 100-period moving average on the four-hour chart is sloping downwards as buyers have been quick to take profits on rallies.
Short-term momentum is improving as bitcoin returns to a month-long range. The rebound above $30,000 suggests selling pressure from June is starting to slow.

Related Stories

Bitcoin Futures Positions at 2-Month High as Traders Go Short
Bitcoin Retakes $31K as Traditional Markets See Risk Reset, BNY Mellon Makes Crypto Push
Market Wrap: What’s Next for Bitcoin After Break Below $30K
Institutional Demand for Bitcoin Remains Weak: Glassnode

By

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.