Bitcoin [BTC] made a quick move over $40k resistance earlier today on Tuesday but buyers were unable to sustain upside momentum. The leading cryptocurrency is trading around $39,136 USD at the time of reporting and will see another attempt towards $40k to $45k.
The recovery from the 19th May low is improving, which could stabilize selling pressure over the short term.
The RSI isn’t yet overbought on the 4-hour chart that suggests additional purchasing strength, albeit briefly.
Bitcoin is now over the 50-period volume weighted moving average on the 4-hour chart but faces resistance near the 100-period moving average – a more reliable gauge of the intraday downtrend.
Bitcoin is up about 8% over the past 7-days after a successful re-test around $30k support, earlier on Sunday.
The daily price chart is improving, although a decisive break above $40k is required to take care of a bullish posture. Presently, the price recoveries appear counter-trend and limited to nearby resistance levels.