The price of the leading cryptocurrency, Bitcoin [BTC] has traded sideways over the past week, with support around $33k and presently facing resistance at $40k. At the reporting time, Bitcoin is presently trading near $38k and is +4.2 5% up for the day.
A short-term breakout from the sideways range would yield an upside target of around $45k, although resistance remains strong. For now, $40k may be a key hurdle that could limit purchasing strength over the near term.
Bitcoin is approaching resistance near the 100-period moving average [$38,337 USD as at the reporting time] on the hourly chart. The corrective phase that began in May remains in effect, although selling pressure has declined over the past week.
The relative strength index [RSI] is usually neutral on a brief to intermediate-term basis which suggests price is beginning to stabilize into June after a volatile month.
The broader uptrend is weakening as bitcoin remains below the 100-day and 200-day moving averages. This means limited upside within the short term.