Share this article
Bitcoin Holds $30K Support After Volatile Shakeout; Resistance at $36K
BTC is up 9% over the past 24 hours.
Updated Mar 6, 2023, 3:32 p.m. Published Jun 23, 2021, 11:20 a.m.
Bitcoin (BTC) returned above the $30,000 level on Tuesday after a volatile trading session. Buyers quickly stepped in as oversold conditions appeared on intraday charts. The next level of resistance is seen around $36,000, which could limit further upside.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The world’s largest cryptocurrency by market value was trading around $34,000 at press time and is up 9% over the past 24 hours.
- The near-10% price drop on Tuesday was typical of a shakeout, which signals a period of market turmoil when sellers capitulate.
- Bitcoin’s two-month downtrend appears exhausted after the relative strength index (RSI) on the daily chart registered a higher low. This means buyers could remain active towards upper resistance levels.
- The RSI on the four-hour chart is not yet overbought, although bitcoin is still below the 100-period moving average, suggesting resistance could be found at $36,000.
- Stronger resistance is seen at $40,000 which is near the upper bound of a month-long range.
More For You
More For You
[Test Article] Roman Storm's Defense Team Wants to Know if DOJ Withheld Evidence
Lorem ipsum dolor sit amet, consectetuer adipiscing elit. Aenean commodo ligula eget dolor. Aenean massa. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Donec quam felis, ultricies nec, pellentesque eu, pretium quis, sem. Nulla consequat massa quis enim. Donec pede justo, fringilla vel, aliquet nec, vulputate eget, arcu.
Top Stories
