Bitcoin (BTC) is holding its short-term support above $35,000 and could face resistance near $42,000. Prices continue to consolidate, suggesting selling pressure is weakening. Typically, volatility declines during consolidation phases, encouraging buyers to return, albeit briefly.
Bitcoin is above the 100-period moving average on both the hourly and four-hour chart as the corrective phase stabilizes.
On the daily chart, the relative strength index (RSI) is rising from oversold levels which could keep buyers active towards $42,000 resistance.
A decisive breakout above resistance would yield an upside target around $45,000.
Bitcoin was trading around $39,300 at press time and was up about 5% over the past 24 hours.
Four-hour bitcoin chart shows short-term support and resistance levels with RSI.
Source: TradingView
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