Bitcoin upside stalls, could find support near $30K-$33K

CoinDesk Analysis Team CoinDesk

Bitcoin was unable to sustain a series of higher price lows over the past few days.

Bitcoin (BTC) stalled near $36,000 resistance during Asia hours and could face further downside towards the $30,000-$33,000 support zone. The cryptocurrency was trading around $34,000 at press time and is down about 2% over the past 24 hours.

The relative strength index (RSI) reached overbought levels on the four-hour chart on Tuesday, which could keep sellers active over the short term.
Bitcoin was unable to sustain a series of higher price lows over the past few days. This means a period of consolidation could persist as selling pressure stabilizes from May.
Initial support is seen at the 50-period moving average on the four-hour chart at $33,000. Although, buyers could find more attractive entry levels near $30,000 once oversold conditions appear on the chart.

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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