Bitcoin (BTC) price bounce was short-lived as sellers reacted to the $40,000 resistance zone. Upside appears limited due to negative momentum signals and persistent selling pressure. Support at $30K and $36K could stabilize the pullback.Read MoreFeedzy
BTC was trading at $37,800 at press time and has been roughly flat over the past 24 hours.
The relative strength index (RSI) on the four-hour chart is neutral, which means the price could remain within the $36,000-$40,000 range into the Asia trading day. On the hourly chart, however, the RSI is declining from overbought levels. That means sellers could remain active over the short term.
Momentum signals are still negative, which is one reason why price bounces have been brief over the past few months. For now, upside appears to be limited beyond $46,000.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
