Bitcoin (BTC) pulled back after approaching initial resistance at $32,000. Short-term momentum is improving, which could keep buyers active above the $30,000 support level as bullish sentiment returns.
Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower price highs on the charts. There is strong resistance at around $32,000-$34,000, which could limit upside price moves. Â
Bitcoin was trading at around $31,700 at press time and is roughly flat over the past week.
- The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which could encourage further selling over the short-term.
- The daily RSI is rising from oversold levels since Tuesday and displays a bullish divergence. Higher lows on the daily RSI suggests the intermediate-term downtrend is slowing.
- Bitcoin remains in a tight range of between $30,000 and $36,000 as the broader uptrend weakens.
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.