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Bitcoin Rallies From Oversold Levels; Faces Resistance at $40K
The short-term trend is improving after a series of lower price highs since May.
Bitcoin (BTC) broke above initial resistance at $36,000 after a near 13% rise on Wednesday. The next resistance level is seen at $40,000, which capped upside moves over the past two weeks.
STORY CONTINUES BELOW
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The short-term trend is improving after a series of lower price highs since May. The weekly chart is showing initial signs of downside exhaustion, which could stabilize the month-long corrective phase.
- Bitcoin returned above the 100-day moving average on the four-hour chart and is approaching short-term overbought levels.
- Buyers could remain active towards $40,000, which is also near the 200-day moving average. The cryptocurrency was trading around $38,000 at press time.
- If a pullback occurs, bitcoin should find initial support around $34,000. Lower support around $30,000 was tested multiple times over the past two weeks as buyers return.
- Bitcoin will need to break free of the short-term consolidation phase to maintain the bullish uptrend. For now, recoveries appear limited given strong overhead resistance.
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.
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