Bitcoin declines from $36K resistance, could find support at $30K
Bitcoin (BTC) is under pressure after buyers took profits near $36,000 resistance on Tuesday. Lower support is seen around $30,000, which is the bottom of the month-long trading range.
The world’s largest cryptocurrency is entering July on a negative note and is down about 4% over the past 24 hours. Bitcoin was trading around $33,000 at press time.
Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.
Source: TradingView
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The relative strength index (RSI) is not yet oversold on the four-hour chart, which means sellers could remain active towards lower support levels.
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Bitcoin failed to reverse a short-term downtrend over the past two weeks as resistance remains strong between $36,000 and $40,000.
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The 50-period moving average on the four-hour chart is stabilizing, although price is attempting to break down, keeping up with a series of lower highs over the past quarter.
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Bitcoin remains in a consolidation phase since June, although improving momentum could support a relief bounce if buyers defend $30,000 support.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
