Bitcoin Momentum Improves; Faces Resistance at $34K

23 July 2021

Bitcoin (BTC) is holding onto gains after a strong return above $30,000 on Wednesday. The cryptocurrency is starting to stall around $32,400 at press time and is up about 2% over the past week.

Short-term momentum is improving, albeit within an intermediate-term downtrend that began in April. Initial resistance is seen at the 50-day moving average near $34,000.

Bitcoin daily price chart shows support and resistance levels with RSI.
Source: TradingView
  • The relative strength index (RSI) on the daily chart is rising from oversold levels, which could keep short-term buyers active into the weekend.
  • Resistance remains strong around $40,000, which Is near the top of the two-month price range.
  • The weekly chart is not yet oversold, although downside momentum is starting to slow.
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