Bitcoin Holds Support; Faces Resistance at $36K
Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000.
Updated Mar 6, 2023 at 3:19 p.m. UTC
![Bitcoin four-hour chart](https://www.coindesk.com/resizer/fg7AgPjhnNKIO93rzCRqMB3LmuI=/567x334/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/WSPVY5DGRVEBVA5ZX2B732SE7E.png)
Bitcoin (BTC) buyers were active over the weekend, supporting a nearly 6% price jump that stalled near the $36,000 resistance level. The cryptocurrency was trading around $34,000 support at press time and is down about 3% over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart registered an overbought signal on Sunday, which preceded a pullback towards the current support zone.
- The RSI is oversold on the hourly chart, suggesting further upside is likely towards initial resistance at $36,000.
- Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000. This means buyers were able to defend rising support levels, albeit within a tight range.
- A breakout above $36,000 would yield an upside target towards $40,000 as momentum improves. For now, upside appears limited beyond the month-long trading range given the downtrend since April.