Bitcoin Price Over $32.5k – Strong Resistance Seen At ...
Market Analysis

Bitcoin Price Over $32.5k – Strong Resistance Seen At $34k.

The price of the leading cryptocurrency, Bitcoin [BTC], pulled back after approaching initial resistance at $32k. Short-term momentum is improving, which could keep buyers active above the $30k price as bullish sentiment returns.

Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower prices higher on the charts. There’s strong resistance at around $32k to $34k, which could limit upside price moves.

At the reporting time, Bitcoin is presently trading at around $32,500 USD, which is roughly +1.66% up for the day.

Bitcoin Price Over $32.5k - Strong Resistance Seen At $34k.The RSI [Relative Strength Index] on the 4-hour chart is approaching overbought territory, which could encourage further selling over the short term.

The daily RSI is rising from oversold levels since Tuesday and displays a bull run divergence. Higher lows on the daily RSI suggest the intermediate-term downtrend is slowing for now.

Bitcoin remains within a tight range of between $30k and $36k as the broader uptrend weakens.

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