Bitcoin Relief Rally Fades; Support Holds at $32K

·1 min read

Bitcoin’s (BTC) price gave up some of its gains after rising nearly 20% after the shakeout low of close to $29,000 on Tuesday. The cryptocurrency is holding support above $32,000, although initial resistance is seen around $36,000.

Bitcoin is down about 12% over the past seven days and was trading around $33,000 at press time.

  • The relative strength index (RSI) on the hourly chart registered an overbought signal on Wednesday, which preceded some profit taking around $34,700.

  • Bitcoin is attempting to reverse a short-term downtrend as price settles above the 50-period volume weighted moving average on the hourly chart.

  • Buyers should remain active given the bullish divergence on the daily RSI, although upside appears limited with resistance between $36,000 and $40,000.

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