Share this article
BTC
$92,861.49
-
1.09%ETH
$1,751.63
-
2.66%USDT
$1.0004
+
0.03%XRP
$2.1922
-
2.08%BNB
$596.54
-
1.76%SOL
$149.68
-
1.21%USDC
$0.9999
+
0.01%DOGE
$0.1783
-
0.67%ADA
$0.7194
+
1.92%TRX
$0.2467
+
0.46%SUI
$3.2652
+
9.99%LINK
$14.78
-
0.94%AVAX
$22.03
-
1.54%XLM
$0.2772
+
2.99%LEO
$9.2289
+
1.68%SHIB
$0.0₄1339
-
1.82%TON
$3.1434
-
1.05%HBAR
$0.1836
+
0.60%BCH
$349.56
-
3.42%LTC
$82.93
-
1.17%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Approaching Short-Term Support at $34K-$36K
Bitcoin is under pressure, although buyers could return for a brief bounce.
Bitcoin (BTC) sellers remained active during Asia hours as the cryptocurrency slipped further below $40,000 resistance. The next level of support is seen around $34,000-$36,000, which could stabilize the pullback.
Bitcoin was trading around $38,000 at press time and is down 2% over the past 24 hours. The short-term uptrend is weakening, although buyers could return for a brief bounce at support.
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, which could encourage short-term buying.
- Bitcoin broke below a series of higher price lows from the July 19 short-squeeze around $30,000. This suggests buyers are in profit-taking mode given recent overbought signals on the daily chart.
- The weekly chart is not yet oversold, although downside momentum has slowed considerably over the past month.
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.
