Bitcoin relief rally fades, support holds at $32k

CoinDesk Analysis Team CoinDesk

Bitcoin’s (BTC) price gave up some of its gains after rising nearly 20% from the shakeout low close to $29,000 on Tuesday. The cryptocurrency is holding support above $32,000, although initial resistance is seen around $36,000.

Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.

Bitcoin hourly chart shows support and resistance levels with RSI.
Source: TradingView

The relative strength index (RSI) on the hourly chart registered an overbought signal on Wednesday, which preceded some profit taking around $34,700.
Bitcoin is attempting to reverse a short-term downtrend as price settles above the 50-period volume weighted moving average on the hourly chart.
Buyers should remain active given the bullish divergence on the daily RSI, although upside appears limited with resistance between $36,000 and $40,000.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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