Bitcoin Still Holds Weak Support Over $40k - Expert Analysis.

Bitcoin Still Holds Weak Support Over $40k - Expert Analysis.

2021-06-07 | Robin Williams

Bitcoin Still Holds Weak Support Over $40k - Expert Analysis.

The price of the leading cryptocurrency, Bitcoin [BTC], did not sustain moves above $39k last week, which was followed by a series of lower-cost highs. There's strong resistance of around $37,600 USD which could limit upside in the week. At the reporting time, the leading cryptocurrency was changing hands around $36,500 USD. While the long-term uptrend remains intact, slowing momentum and tighter trading ranges are keeping buyers on the sideline. The RSI isn't yet overbought on the hourly chart, which could support a quick price bounce towards $37k resistance. The daily RSI continues to hover around oversold levels. However, the weekly RSI isn't yet oversold suggesting sellers could remain on top of things. Bitcoin is down about 2% over the past week and has been stuck within a tight range between $34k and $39k. Volatility has declined from extreme levels earlier in May but remains elevated relative to April. Bitcoin Still Holds Weak Support Over $40k - Expert Analysis.

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