Bitcoin (BTC) recovered from a low of around $28,000 at the start of the New York trading session. The cryptocurrency remains in a tight trading range, anchored at $30,000 over the past two weeks.
At press time, BTC was trading at around $29,500 and has remained about the same over the past 24 hours and down 2% over the past week.
The Relative Strength Index (RSI) on the daily chart is rising from oversold territory, but remains below the neutral level of 50. A reading above 50 could indicate a brief recovery phase.
Currently, there is strong resistance on the chart, first at $33,000 and then at $35,000, which could stall a price rebound. Momentum on the weekly and monthly charts needs to improve to support a price advance.
Most indicators are neutral in the short term and bearish in the long term, meaning upside is limited from here.