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 22
nd 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.
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