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Bitcoin Rises from Oversold Levels; Faces Resistance Near $40K-$45K
BTC could see limited upside as the corrective phase weakens and buyers return.
Bitcoin (BTC) made a brief move above $40,000 resistance on Tuesday but buyers were unable to sustain upside momentum. The cryptocurrency was trading around $39,700 at the time of writing and could see another attempt towards $40,000 to $45,000.
STORY CONTINUES BELOW
The recovery from the May 19 low is improving, which could stabilize selling pressure over the short term.
- The relative strength index (RSI) is not yet overbought on the four-hour chart which suggests further buying strength, albeit briefly.
- Bitcoin is now above the 50-period volume weighted moving average on the four-hour chart but faces resistance near the 100-period moving average – a more reliable gauge of the intraday downtrend.
- Bitcoin is up about 8% over the past seven days after a successful re-test around $30,000 support on Sunday.
- The daily price chart is improving, although a decisive break above $40,000 is needed to maintain a bullish posture. For now, price recoveries appear counter-trend and limited to nearby resistance levels.
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.
