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Bitcoin Upside Fades, Lower Support at $34K
BTC faces slowing momentum as buyers struggle at resistance.
Bitcoin (BTC) has traded sideways over the past two days as buyers face resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback toward $38,000, although stronger support is seen at $34,000.
STORY CONTINUES BELOW
Bitcoin was trading at around $39,200 at press time and is up about 7% over the past seven days.
- The relative strength index (RSI) on the hourly chart registered a series of lower highs over the past few days. That reflects slowing momentum behind the latest price jump.
- For now, the 100-period moving average on the hourly chart is sloping upward, which indicates an improving short-term trend. Buyers will need to defend support above $34,000 in order to maintain a period of stabilization after May’s sell-off.
- Further upside appears to be limited as intraday charts shake off overbought conditions. The daily chart is still in recovery mode with minor signs of downside exhaustion.
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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