Bitcoin Gaining Momentum and Facing Resistance of Nearly $ 40,000

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Bitcoin (BTC) buyers remained active during trading hours in Asia as they defended initial support of around $ 33,800. The next level of resistance is between $ 38,000 and $ 40,000, which is near the top of a one-month range.

The $ 30,000 support level was retested over the weekend, marking a higher low since the June 22 earthquake of around $ 29,000. The price remains high and could exceed the 100 period moving average on the four hour chart.

Bitcoin was trading at around $ 35,000 at the time of publication and has risen 4% in the past 24 hours.

Bitcoin is attempting to reverse a short-term downtrend which could lead to a further rise, especially as the Relative Strength Index (RSI) on the daily chart is not yet overbought.

The correction phase since May appears to be slowing as buyers return to support levels. A rally of temporary relief could stabilize selling pressure until overbought signals appear on the charts.

For now, bitcoin is stuck in a range as sellers have maintained a series of lower prices since April.

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