Bitcoin Price Analysis - Support At $34k, Resistance At $36k.

Bitcoin Price Analysis - Support At $34k, Resistance At $36k.

2021-07-05 | Robin Williams

Bitcoin Price Analysis - Support At $34k, Resistance At $36k.

The Bitcoin [BTC] buyers were active over the weekend, supporting a near 6% price hike that stalled near the $36k resistance level. At the reporting time, the leading cryptocurrency is presently trading at a price around $33.7k support level and is down about 4.94% over the past 24 hours. The RSI [Relative Strength Index] on the 4-hour chart registered an overbought signal on Sunday, that preceded a pullback towards the present support zone. The RSI is oversold on the hourly chart, suggesting further upside is probably going towards initial resistance at $36k. Bitcoin is maintaining a series of upper lows from the 22nd June price drop of around $29k. This suggests buyers were ready to defend rising support levels, albeit within a decent range. A breakout above $36k would yield an upside target towards $40k as momentum improves. For now, the upside appears limited beyond the month-long trading range given the downtrend since the month of April. Bitcoin Price Analysis - Support At $34k, Resistance At $36k.

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