BTC/USD (Bitcoin) returned to a consolidation mode near $31,500 after Monday’s dynamic bullish breakout pushed the price out of the two-week-old tight range and above the 20-day simple moving average (SMA).
 

Although the positive adjustment in the neutral structure looks promising, the technical indicators keep feeding some pessimism. The RSI has returned to its 50 neutral mark after barely climbing above it, while the MACD is still within the negative zone despite improving above its red signal line. Meanwhile, the Stochastics are printing a bearish cross in the overbought zone, adding some caution as well.

Should the bulls regain control, immediate resistance could come near the tentative descending trendline ahead of the 50-day SMA at $34,635, which corresponds with the lows from the first quarter. The next target might be the area between 37,760 and $39,800, while higher, a close above the 200-day SMA at $42,463 could produce sharper increases.

On the downside, the 20-day SMA and the $30,000 level could be critical. If the crypto slides below that threshold, cracking the floor at $28,000 too, all eyes will turn to the more than a year-low of $25,390. Failure to bounce on the latter could generate another bearish extension to $24,000.

Summing up, the popular crypto has somewhat upgraded its short-term outlook, though the technical picture suggests that it’s not out of the woods yet. Nearby resistance could occur around $34,636, while a flip back below $30,000 is expected to bring sellers back into play. 


Forex trading and trading in other leveraged products involves a significant level of risk and is not suitable for all investors.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP