Bitcoin Upside Fades; Lower Support at $34K

BTC faces slowing momentum as buyers struggled at resistance. Upside limited with lower support at $34K.

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.
Bitcoin hourly price chart shows short-term support and resistance levels with RSI.


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