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Bitcoin Declines From $40K Resistance; Support at $34K

Bitcoin is in pullback mode with lower support near $32K-34K.

작성자 Damanick Dantes
업데이트됨 2023년 3월 6일 오후 3:27 게시됨 2021년 7월 27일 오전 11:14 AI 번역
Bitcoin four-hour chart

Bitcoin (BTC) had a sharp 10% pullback after approaching the $40,000 resistance level on Monday. The cryptocurrency is holding initial support above $36,000 at press time and is up about 25% over the past week.

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Lower support is seen around $34,000 which could stabilize the current pullback.

  • The relative strength index (RSI) on the four-hour chart reached extreme overbought levels over the weekend as bitcoin rallied. Overbought conditions typically precede price declines as buyers take profits.
  • The RSI on the daily chart is approaching overbought levels, which could limit bitcoin’s upside beyond $40,000 resistance.
  • Although the intermediate-term downtrend is improving, bitcoin remains in a consolidation phase between $30,000 and $40,000, which suggests buyers and sellers are in a stalemate despite occasional rallies and selloffs.

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