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Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K

Bitcoin Gathers Upside Momentum, Faces Resistance Near $40K

Bitcoin (BTC) buyers remained active during Asian trading hours as they defended initial support of about $33,800. The next level of resistance is seen between $38,000 and $40,000, which is near the top of a monthlong range. The $30,000 support level was retested over the weekend, marking a higher low from the June 22 shakeout of around $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.

Bitcoin was trading at about $35,000 at press time and is up 4% over the past 24 hours. Bitcoin is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index (RSI) on the daily chart is not yet overbought. The corrective phase since May appears to be slowing as buyers return at support levels.

Source: FXPro

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