Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.

Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance around $32,000-$34,000, which could limit upside price moves.

Bitcoin was trading around $31,700 at press time and is roughly flat over the past week.

Bitcoin

Bitcoin four-hour chart shows short-term support and resistance levels with RSI.

Source: TradingView

  • The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which could encourage further selling over the short-term.

  • The daily RSI is rising from oversold levels since Tuesday and displays a bullish divergence. Higher lows on the daily RSI suggests the intermediate-term downtrend is slowing.

  • Bitcoin remains in a tight range between $30,000 and $36,000 as the broader uptrend weakens.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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