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 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.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?