Bitcoin (BTC) returned above $30,000 support during Asia hours as buyers reacted to oversold conditions. The next level of resistance is seen around $32,000 and $34,000 given the intermediate-term downtrend.
The quick rebound above $30,000 is similar to the June 22 shakeout which preceded a brief price rally. Bitcoin was trading around $31,400 at press time and is up about 6% over the past 24-hours.
- The relative strength index (RSI) on the four-hour chart registered an oversold signal on Monday as bitcoin dipped below $30,000. The RSI is not yet overbought, which could keep buyers active towards $34,000 resistance.
- The 100-period moving average on the four-hour chart is sloping downwards as buyers have been quick to take profits on rallies.
- Short-term momentum is improving as bitcoin returns to a month-long range. The rebound above $30,000 suggests selling pressure from June is starting to slow.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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