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Bitcoin Stuck Below $40K, Eyes Short-Term Oversold Bounce
Bitcoin buyers could maintain support above $36K.
Bitcoin (BTC) buyers continue to struggle below $40,000 resistance as the short-squeeze rally fades. The cryptocurrency was trading at around $38,000 at press time and is down 4% over the past week. Short-term oversold signals suggest the pullback could stabilize above $36,000 support.
STORY CONTINUES BELOW
- The relative strength index (RSI) is rising from oversold levels on the hourly chart, which could encourage short-term buying.
- Upside appears to be limited toward $40,000 resistance as bitcoin remains in a consolidation phase.
- The daily RSI is declining from overbought levels with slowing momentum, although support could hold above $34,000 to $36,000.
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.
