Bitcoin (BTC) has traded in a tight range over the past week. The cryptocurrency is on watch for a brief relief bounce above $30K, although upside appears to be limited from here.Read MoreFeedzy
BTC was trading around $30,100 at press time Monday Eastern Time and is roughly flat over the past 24 hours.
Momentum signals are improving on the daily chart, similar to what occurred in late February and late March. Further, the relative strength index (RSI) on the daily chart continues to rise from oversold levels, which could point to a relief bounce in price.
Still, the daily RSI will need to rise above 50 to determine if a price bounce has staying power.
On the weekly chart, the RSI is the most oversold since March 2020, although momentum signals remain negative. That suggests upside could be limited for BTC, initially toward the $33,000-$35,000 resistance zone.
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