Bitcoin is under pressure after reaching $35K resistance. Support at $30K could stabilize the current pullback.
Bitcoin (BTC) is trading lower after a brief 5% bounce on Sunday. The cryptocurrency stalled around $35,000 resistance and could find support around $30,000, which is the bottom of a month-long trading range.
- The relative strength index (RSI) on the four-hour chart is declining near overbought territory. This is similar to last week, which preceded a near 15% price drop.
- Buyers were able to defend $30,000 support last week, registering a higher low from the June 22 shakeout. This means sideways trading could persist until a decisive breakout above $40,000 or breakdown below $30,000 occurs.
- Bitcoin is still in relief mode following the May sell-off and is up about 7% over the past week, although upside appears limited below $40,000 given the intermediate-term downtrend.