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Bitcoin Meets Resistance at $35K, Support at $30K
Bitcoin is under pressure after reaching $35K resistance. Support at $30K could stabilize the current pullback.
Bitcoin (BTC) is trading lower after a brief 5% bounce on Sunday. The cryptocurrency stalled at around $35,000 resistance and could find support at $30,000, which is the bottom of a monthlong trading range.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the four-hour chart is declining near overbought territory. That is similar to last week, which preceded a nearly 15% price drop.
- Buyers were able to defend $30,000 support last week, registering a higher low from the June 22 shakeout. This means sideways trading could persist until a decisive breakout above $40,000 or breakdown below $30,000 occurs.
- Bitcoin is still in relief mode following the May sell-off and is up about 7% over the past week, although upside appears to be limited below $40,000 given the intermediate-term downtrend.
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.
