The price of the leading cryptocurrency, Bitcoin [BTC], pulled back after approaching initial resistance at $32k. Short-term momentum is improving, which could keep buyers active above the $30k price as bullish sentiment returns.
Buyers have consistently taken profits along the intermediate-term downtrend defined by a series of lower prices higher on the charts. There’s strong resistance at around $32k to $34k, which could limit upside price moves.
At the reporting time, Bitcoin is presently trading at around $32,500 USD, which is roughly +1.66% up for the day.
The RSI [Relative Strength Index] on the 4-hour chart is approaching overbought territory, which could encourage further selling over the short term.
The daily RSI is rising from oversold levels since Tuesday and displays a bull run divergence. Higher lows on the daily RSI suggest the intermediate-term downtrend is slowing for now.
Bitcoin remains within a tight range of between $30k and $36k as the broader uptrend weakens.