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Bitcoin Consolidates Around Short-Term Support; Faces Resistance Near $42K
BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.
Bitcoin (BTC) has traded sideways over the past week as the correction phase stabilizes. The cryptocurrency held short-term support at $36,000 and was trading around $39,000 at the time of writing. Resistance is seen at the upper bound of the week-long range around $42,000.
STORY CONTINUES BELOW
- Bitcoin is holding above the 100-period moving average on the hourly chart which suggests the short-term trend is improving.
- Immediate resistance is seen at $40,000 where buyers failed to sustain upside over the past few days. $42,000 is the next level of resistance which is around the 200-day moving average.
- Bitcoin is down about 3% over the past seven days as the price recovery from $30,000 stalls.
- Volatility has drifted lower since May 23, which is typical during price consolidation. Considering the sharp correction this month, lower volatility could encourage buyers to return at support 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.
