Bitcoin Stalls; Could Find Support Near $30K-$33K
Bitcoin (BTC) stalled near $36,000 resistance during Asia hours and could face further downside towards the $30,000-$33,000 support zone. The cryptocurrency was trading around $34,000 at press time and is down about 2% over the past 24-hours.
- The relative strength index (RSI) reached overbought levels on the four-hour chart on Tuesday, which could keep sellers active over the short-term.
- Bitcoin was unable to sustain a series of higher price lows over the past few days. This means a period of consolidation could persist as selling pressure stabilizes from May.
- Initial support is seen at the 50-period moving average on the four-hour chart at $33,000. Although, buyers could find more attractive entry levels near $30,000 once oversold conditions appear on the chart.