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Bitcoin Declines From $40K Resistance; Support at $34K
Bitcoin is in pullback mode with lower support near $32K-34K.
Bitcoin (BTC) had a sharp 10% pullback after approaching the $40,000 resistance level on Monday. The cryptocurrency is holding initial support above $36,000 at press time and is up about 25% over the past week.
STORY CONTINUES BELOW
Lower support is seen around $34,000 which could stabilize the current pullback.
- The relative strength index (RSI) on the four-hour chart reached extreme overbought levels over the weekend as bitcoin rallied. Overbought conditions typically precede price declines as buyers take profits.
- The RSI on the daily chart is approaching overbought levels, which could limit bitcoin’s upside beyond $40,000 resistance.
- Although the intermediate-term downtrend is improving, bitcoin remains in a consolidation phase between $30,000 and $40,000, which suggests buyers and sellers are in a stalemate despite occasional rallies and selloffs.
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.
