Bitcoin’s short-term downtrend is slowing, although upside appears to be limited heading into the weekend.
Bitcoin (BTC) is showing signs of upside exhaustion after approaching resistance near $35,000 on Thursday. The cryptocurrency is still in relief mode after defending support at around $30,000 during a volatile week.
A short-term downtrend should persist into the weekend, although improving momentum could keep buyers active at support. Bitcoin was trading at around $33,700 at press time, and is down about 5% over the past seven days.
- Upside remains limited given the downward sloping 50-day moving average, showing added resistance at $40,000.
- The relative strength index (RSI), however, registered a series of higher lows, which means the two-month downtrend is slowing as buyers return.
- Bitcoin remains stuck in a range between $30,000 and $40,000 with no clear signs of an ultimate price low. The weekly chart is not yet oversold, meaning sellers remain in control despite short-term relief rallies.