CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) buyers continue to struggle below $40,000 resistance as the short-squeeze rally fades. The cryptocurrency was trading around $38,000 at press time and is down 4% over the past week. Short-term oversold signals suggest the pullback could stabilize above $36,000 support.
Bitcoin hourly price chart shows short-term support and resistance levels with RSI.
Source: TradingView
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The relative strength index (RSI) is rising from oversold levels on the hourly chart, which could encourage short-term buying.
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Upside appears limited towards $40,000 resistance as bitcoin remains in a consolidation phase.
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The daily RSI is declining from overbought levels with slowing momentum, although support could hold above $34,000 to $36,000.
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