Bitcoin (BTC) buyers are reacting to oversold conditions, which could stabilize price action and delay additional breakdowns. Short-term momentum is improving.Read MoreFeedzy
Bitcoin (BTC) broke above a short-term downtrend over the weekend and reclaimed the $30,000 price level. The cryptocurrency is experiencing a relief bounce after several weeks of oversold readings on the charts. Still, resistance at $33,000 and $35,000 could stall the upswing in price.
BTC was trading at $31,900 at press time and is up by 4% over the past 24 hours.
The relative strength index (RSI) on the daily chart has risen from oversold levels over the past two weeks, which supported the buildup in price momentum. The 14-day RSI is currently neutral and will need to remain above 50 in order to sustain the relief bounce.
On the weekly chart, the RSI is the most oversold since March 2020, which preceded a crypto rally. This time, however, the significant loss of long-term momentum suggests upside could be limited.
For now, price action could stabilize above the $27,000-$30,000 support zone, which could delay additional breakdowns on the chart.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
An address tied to long-defunct crypto exchange Mt. Gox moved large amounts of BTC to…
Bitcoin broke the landmark $100,000 level earlier Thursday, nearly 15 years after it first went…
According to recent insights, Bitcoin (BTC) seems to be on the verge of another rally,…
Bitcoin's price has surged past the $100,000 mark for the first time in its history,…
Bitcoin price started a fresh increase and tested the $100,000 level. BTC is now showing…
Follow Nikolaus On 𝕏 Here For Daily Posts When Bitcoin was first launched by Satoshi…