Bitcoin rises to $30K, with resistance at $35K

Bitcoin rises to $30K, with resistance at $35K

BTC is well on its way to a positive momentum signal on the daily chart.

Bitcoin (BTC) continues to trade around $30,000 and is at the lower end of a one-year price range. The cryptocurrency appears to be stabilizing, although resistance at $33,000 and $35,000 could prevent prices from rising.

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BTC is up 2% in the last 24 hours and down 24% in the last 30 days. The recent sell-off extended bitcoin's short-term downtrend despite oversold conditions on the chart.

The Relative Strength Index (RSI) on the daily chart is rising from oversold levels reached on May 12 when BTC fell to $25,300. Usually, oversold signals precede a price recovery, similar to what happened in late January.

Moreover, according to the MACD indicator on the daily chart, BTC is on track to record a positive momentum signal for the first time since late March. Nevertheless, the momentum signals on the weekly and monthly charts remain negative, indicating limited upside potential.

This article was translated by Marina Lammertyn.