Bitcoin (BTC) has held initial support near $29,300, where last weekend's price surge originated.
BTC was trading around $30,200 at press time and has remained roughly flat over the past 24 hours, rising 3% over the past week.
The cryptocurrency remains in a tight intraday range with a midpoint at $30,100. This is the point where most of the trading volume took place in the last two weeks. Until a decisive breakout or breakout occurs, the BTC price could continue to return to this midpoint for the time being.
The uptrend seems to be limited between the resistance zone between $33,000 and $35,000, especially since the momentum signals on the long-term charts remain negative.
Nevertheless, the momentum on the daily chart remains positive, which could keep the short-term buyers active. The 14-day Relative Strength Index (RSI) needs to return above the neutral 50 level to support a price recovery.