Bitcoin could stabilize around $30K into the weekend.
Bitcoin (BTC) remains in a tight range after buyers took profits near $34,000 resistance. The cryptocurrency registered a series of lower price highs over the past few days, which suggests sellers are in control. The price decline could stabilize into the weekend around $30,000 support.
Bitcoin was trading around $32,000 at press time and is down about 2% over the past week.
- Resistance is seen at the 50-day moving average which signaled an intermediate-term downtrend since the May sell-off.
- The relative strength index (RSI) is neutral after rising from oversold levels over the past month. This suggests price could stabilize within the current range with support at $30,000.
- However, momentum is slowing, and the weekly RSI is not yet oversold. There is risk that a break below $30,000 could resume the downtrend since April.
- For now, buyers could remain active at short-term support, albeit with limited upside given strong overhead resistance.