Bitcoin [BTC] sellers were active within the Asia hours, pushing prices below the $34k support level. At the reporting time, the leading cryptocurrency is presently trading at a price of around $32.8k and is down 6% over the past 24 hours. A subsequent level of support is seen around $30k, which could stabilize the present sell-off.
The RSI [Relative Strength Index] is oversold on the 4-hour chart for the primary time in a fortnight. Earlier oversold readings triggered 15%-20% relief rallies.
However, sellers are in control after bitcoin broke below a series of upper price lows from the 22nd June price shakeout around $29k.
Buyers will likely wait to return near $30k support, which is among the bottom of the month-long trading range.
A relief bounce should be limited to around $33k resistance as upside momentum slows down.