Bitcoin remains rangebound, faces resistance at $40k

Bitcoin (BTC) has traded sideways over the past few days with support around $33,000 and resistance at $40,000. The world’s first cryptocurrency was trading near $37,000 at the time of writing and was down about 5% over the past seven days.

A short-term breakout from the sideways range would yield an upside target around $45,000, although resistance remains strong. For now, $40,000 is a key hurdle which could limit buying strength over the near-term.

  • Bitcoin is approaching resistance near the 100-period moving average ($38,337 as of press time) on the hourly chart. The corrective phase that began in May remains in effect, although selling pressure has declined over the past week.

  • The relative strength index (RSI) is mostly neutral on a short to intermediate-term basis which suggests price is starting to stabilize into June after a volatile month.

  • The broader uptrend is weakening as bitcoin remains below the 100-day and 200-day moving averages. This suggests limited upside over the short-term.

Bitcoin

Four-hour bitcoin chart shows short-term support and resistance levels.
Source: TradingView

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.