Bitcoin Sell-Off Could Stabilize Around $30K Support

 Bitcoin Sell-Off Could Stabilize Around $30K Support

Sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.

Bitcoin four-hour chart

(TradingView)

Bitcoin (BTC) sellers were active during Asia hours, pushing price below $34,000 support. The cryptocurrency was trading around $32,000 at press time and is down 6% over the past 24 hours. The next level of support is seen around $30,000, which could stabilize the current sell-off.

Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.

Source: TradingView

• The relative strength index (RSI) is oversold on the four-hour chart for the first time in two weeks. Previous oversold readings triggered 15%-20% relief rallies.
• However, sellers are in control after bitcoin broke below a series of higher price lows from the June 22 shakeout around $29,000.
• Buyers will likely wait to return near $30,000 support, which is the bottom of the month-long trading range.
• A relief bounce should be limited around $33,000 resistance as upside momentum slows.