Advertisement
Singapore markets closed

  • Straits Times Index

    3,264.53
    -35.51 (-1.08%)
     

  • S&P 500

    5,187.70
    +6.96 (+0.13%)
     

  • Dow

    38,884.26
    +31.99 (+0.08%)
     

  • Nasdaq

    16,332.56
    -16.69 (-0.10%)
     

  • Bitcoin USD

    62,036.50
    -1,478.68 (-2.33%)
     

  • CMC Crypto 200

    1,316.56
    +21.88 (+1.69%)
     

  • FTSE 100

    8,336.37
    +22.70 (+0.27%)
     

  • Gold

    2,318.00
    -6.20 (-0.27%)
     

  • Crude Oil

    77.69
    -0.69 (-0.88%)
     

  • 10-Yr Bond

    4.4900
    +0.0270 (+0.60%)
     

  • Nikkei

    38,202.37
    -632.73 (-1.63%)
     

  • Hang Seng

    18,313.86
    -165.51 (-0.90%)
     

  • FTSE Bursa Malaysia

    1,604.75
    -0.93 (-0.06%)
     

  • Jakarta Composite Index

    7,088.79
    -34.82 (-0.49%)
     

  • PSE Index

    6,659.18
    +40.60 (+0.61%)
     

Bitcoin Declines From $40K Resistance; Support at $34K

Damanick Dantes
Updated ·1-min read

Bitcoin (BTC) had a sharp 10% pullback after approaching the $40,000 resistance level on Monday. The cryptocurrency is holding initial support above $36,000 at press time and is up about 25% over the past week.

Lower support is seen around $34,000 which could stabilize the current pullback.

  • The relative strength index (RSI) on the four-hour chart reached extreme overbought levels over the weekend as bitcoin rallied. Overbought conditions typically precede price declines as buyers take profits.

  • The RSI on the daily chart is approaching overbought levels, which could limit bitcoin’s upside beyond $40,000 resistance.

  • Although the intermediate-term downtrend is improving, bitcoin remains in a consolidation phase between $30,000 and $40,000, which suggests buyers and sellers are in a stalemate despite occasional rallies and selloffs.

Related Stories