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Bitcoin Approaching Short-Term Support at $34K-$36K
Bitcoin is under pressure, although buyers could return for a brief bounce.
Bitcoin (BTC) sellers remained active during Asia hours as the cryptocurrency slipped further below $40,000 resistance. The next level of support is seen around $34,000-$36,000, which could stabilize the pullback.
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Bitcoin was trading around $38,000 at press time and is down 2% over the past 24 hours. The short-term uptrend is weakening, although buyers could return for a brief bounce at support.
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, which could encourage short-term buying.
- Bitcoin broke below a series of higher price lows from the July 19 short-squeeze around $30,000. This suggests buyers are in profit-taking mode given recent overbought signals on the daily chart.
- The weekly chart is not yet oversold, although downside momentum has slowed considerably over the past month.
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.
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