Bitcoin rangebound at support, resistance at $36k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) was holding support around $33,000 at press time and is down about 5% over the past week. The cryptocurrency had a choppy trading session during Asia hours and is stuck in a tight range since June. Initial resistance is seen at $36,000 as short-term buyers continue to take profits.

A series of lower price highs over the past two weeks has prevented bitcoin from reaching $40,000, which is the top of the trading range.
Minor support is seen at $33,000 which is near the 100-period moving average on the four-hour chart.
Bitcoin also has a series of higher price lows from the June 22 shakeout around $29,000. Lower price highs and higher prices lows indicates a period of consolidation as buyers and sellers are undecided about future price direction.
The relative strength index (RSI) is broadly neutral after reaching overbought levels on July 4, which preceded a pullback in price.

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.

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