The price of the leading cryptocurrency, Bitcoin [BTC], jumps over $30k support within Asian hours as buyers reacted to oversold conditions. Subsequent level of resistance is seen around $32k and $34k given the intermediate-term downtrend.
The quick rebound above $30k is similar to the 22nd June shakeout which preceded a quick price rally. Bitcoin is presently trading around $31,550 USD at the reporting time and is up about 6.38% over the past 24-hours.
The RSI [Relative Strength Index] on the 4-hour chart registered an oversold signal on Monday as bitcoin dipped below $30k. The RSI isn’t yet overbought, which could keep buyers active towards $34k resistance.
The 100-period moving average on the 4-hour chart is sloping downwards as buyers are quick to require profits on rallies.
Short-term momentum is improving as bitcoin returns to a month-long range. The rebound over $30k suggests selling pressure from June is beginning to slow.