Bitcoin (BTC) has traded in a tight range over the past week. The cryptocurrency is on watch for a brief relief bounce above $30K, although upside appears to be limited from here.Read MoreFeedzy
BTC was trading around $30,100 at press time Monday Eastern Time and is roughly flat over the past 24 hours.
Momentum signals are improving on the daily chart, similar to what occurred in late February and late March. Further, the relative strength index (RSI) on the daily chart continues to rise from oversold levels, which could point to a relief bounce in price.
Still, the daily RSI will need to rise above 50 to determine if a price bounce has staying power.
On the weekly chart, the RSI is the most oversold since March 2020, although momentum signals remain negative. That suggests upside could be limited for BTC, initially toward the $33,000-$35,000 resistance zone.
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.