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Markets

Bitcoin Holds Support; Faces Resistance at $36K

Bitcoin is maintaining a series of higher lows from the June 22 shakeout around $29,000.

By Damanick Dantes
AccessTimeIconJul 5, 2021 at 11:32 a.m. UTC
Updated Mar 6, 2023 at 3:19 p.m. UTC
Bitcoin four-hour chart

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.

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