Bitcoin Price Analysis - $36k Is The New Resistance Zone.
2021-06-23 | Mike Hallen
![Bitcoin Price Analysis - $36k Is The New Resistance Zone.]()
The price of the leading cryptocurrency, Bitcoin [
BTC], has returned above the $30k benchmark earlier on Tuesday after a volatile trading session. Buyers quickly stepped in as oversold conditions appeared on intraday charts. A subsequent
level of resistance is seen around $36k which could limit further upside.
At the reporting time, the world’s leading cryptocurrency is presently trading at a price of around
$34k and is up 9% over the past 24-hours. The near 10% price drop recorded earlier on Tuesday was typical of a shakeout, which signals a period of market turmoil when sellers capitulate.

Bitcoin’s two-month downtrend appears exhausted after the RSI [Relative Strength Index] on the daily chart registered
a better low.
This suggests buyers could remain active towards upper resistance levels.
The RSI on the 4-hour chart
isn't yet overbought, although bitcoin
remains below the 100-period moving average, suggesting resistance
might be found at $36k.
Stronger resistance is seen at $40k which is near the
boundary of a month-long range.
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