Bitcoin Still Holds Strong Resistance Over $40k Price Mark - Analysis.
2021-06-03 | Mike Hallen
The price of the leading cryptocurrency, Bitcoin [
BTC], is presently holding its short-term support above $35k
and will face a strong resistance near $42k. Prices
still consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.
Bitcoin is above the 100-period moving average on both the hourly as well as 4-hour chart along with the corrective phase seem to be stabilizing.
On the daily chart, the RSI [Relative Strength Index] is rising from oversold levels which could keep buyers active towards $42k resistance.
A decisive breakout above resistance would yield an upside target of around $45k.
At the reporting time, Bitcoin is presently trading at a price of around
$38,600 USD and is about 1.12% over the past 24 hours.
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