Bitcoin: Relieved Upswing Meets Resistance at $33K-$35K

Bitcoin: Relieved Upswing Meets Resistance at $33K-$35K

Buyers are responding to oversold conditions, although upside potential appears limited.

Bitcoin (BTC) overcame a short-term downtrend over the weekend and regained the $30,000 level. The cryptocurrency is experiencing relief after several weeks of oversold chart levels. Still, resistance between $33,000 and $35,000 could stop the price from rising.

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BTC was trading at $31,700 at the time of publication and is up 4% in the last 24 hours.

The Relative Strength Index (RSI) on the daily chart has risen from oversold territory over the past two weeks, supporting the buildup of price momentum. The RSI on the 14-day chart is currently neutral and should remain above 50 to support the upswing.

On the weekly chart, the RSI is more oversold than it has been since March 2020, when a crypto rally began. This time, however, the significant loss of long-term momentum suggests that upside potential may be limited.

For now, the price could stabilize above the support zone between $27,000 and $30,000, which could delay further declines on the chart.

This article was translated by Marina Lammertyn.