Bitcoin (BTC) held initial support at $29,300, where last weekend's price spike originated.
At the time of this writing, BTC was trading around $30,200. It has remained largely stable over the past 24 hours and is up 3% for the week.
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The cryptocurrency remains in a tight intraday range with a midpoint of $30,100, where the highest trading volume was recorded in the last two weeks. Until a decisive breakout or rally, the BTC price could continue to hover in this mid-range for the time being.
The uptrend seems to be limited between the $33,000 and $35,000 resistance zone, especially since the momentum signals on the long-term charts remain negative.
However, the momentum on the daily chart remains positive, which could keep the short-term buyers active. The 14-day Relative Strength Index (RSI) should return above the neutral 50 level to support a price recovery.
This article was translated by Marina Lammertyn.