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Bitcoin Stalls at $35K Resistance, Lower Support at $30K

Bitcoin's short-term downtrend is slowing, although upside appears to be limited heading into the weekend.

Na-update Mar 6, 2023, 2:58 p.m. Published Hun 25, 2021, 11:23 a.m. Isinalin ng AI

Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support at around $30,000 during a volatile week.

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A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading at around $33,700 at press time, and is down about 5% over the past seven days.

Upside remains limited given the downward sloping 50-day moving average, showing added resistance at $40,000.
The relative strength index (RSI), however, registered a series of higher lows, which means the two-month downtrend is slowing as buyers return.
Bitcoin remains stuck in a range between $30,000 and $40,000 with no clear signs of an ultimate price low. The weekly chart is not yet oversold, meaning sellers remain in control despite short-term relief rallies.

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Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.