The relief rally from the June 8 low around the price of $31,000 was short-lived as buyers struggled near the $40,000 resistance level this week. Bitcoin is stuck in a month-long consolidation phase and could face downside selling pressure into the weekend.
The daily BTC price chart shows a series of lower price highs since April, which suggests sellers are in control. An initial support level is seen at $34,000 and then at a price of $30,000, although the upside appears limited given the downward sloping 50-day moving average.
Bitcoin price was trading around $37,900 at press time and is down about 3% over the past 24-hours.
The consolidation phase lacks upside price momentum, which, at this moment, does not confirm a decisive bottom in bitcoin.
The relative strength index on the daily chart is rising from an initial oversold reading on May 19. However, the weekly RSI is not yet oversold, which could keep sellers' pressure active towards lower support levels.
Bitcoin’s long-term trend line remains intact, although a significant loss of momentum over the past few months suggests an extended period of drawdowns similar to the previous bear market in 2018.
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