The price of the leading cryptocurrency, Bitcoin [BTC], did not sustain moves above $39k last week, which was followed by a series of lower-cost highs. There’s strong resistance of around $37,600 USD which could limit upside in the week.
At the reporting time, the leading cryptocurrency was changing hands around $36,500 USD.
While the long-term uptrend remains intact, slowing momentum and tighter trading ranges are keeping buyers on the sideline.
The RSI isn’t yet overbought on the hourly chart, which could support a quick price bounce towards $37k resistance.
The daily RSI continues to hover around oversold levels. However, the weekly RSI isn’t yet oversold suggesting sellers could remain on top of things.
Bitcoin is down about 2% over the past week and has been stuck within a tight range between $34k and $39k.
Volatility has declined from extreme levels earlier in May but remains elevated relative to April.