Bitcoin (BTC) has traded sideways over the past two days as buyers faced resistance at $40,000. Slowing momentum on intraday charts suggests an initial pullback towards $38,000, although stronger support is seen at $34,000.
Bitcoin was trading around $39,200 at press time and is up about 7% over the past seven days.
The relative strength index (RSI) on the hourly chart registered a series of lower highs over the past few days. This reflects slowing momentum behind the latest price jump.
For now, the 100-period moving average on the hourly chart is sloping upwards, which indicates an improving short-term trend. Buyers will need to defend support above $34,000 in order to maintain a period of stabilization after May’s sell-off.
Further upside appears limited as intraday charts shake off overbought conditions. The daily chart is still in recovery mode with minor signs of downside exhaustion.