Bitcoin could see a minor breakout towards the top of a two-month range near $40K.
Bitcoin (BTC) buyers remained active during Asia hours and defended initial support around $33,800. The next level of resistance is seen between $38,000-$40,000, which is near the top of a month-long range.
The $30,000 support level was re-tested over the weekend, marking a higher low from the June 22 shakeout around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.
Bitcoin was trading around $35,000 at press time and is up 4% over the past 24-hours.
- Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought.
- The corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief rally could stabilize selling pressure until overbought signals appear on the charts.
- For now, bitcoin is stuck in a range as sellers maintain a series of lower price highs since April.