Bitcoin (BTC) stalled near $36,000 resistance during Asia hours and could face further downside towards the $30,000-$33,000 support zone. The cryptocurrency was trading around $34,000 at press time and is down about 2% over the past 24-hours.
The relative strength index (RSI) reached overbought levels on the four-hour chart on Tuesday, which could keep sellers active over the short-term.
Bitcoin was unable to sustain a series of higher price lows over the past few days. This means a period of consolidation could persist as selling pressure stabilizes from May.
Initial support is seen at the 50-period moving average on the four-hour chart at $33,000. Although, buyers could find more attractive entry levels near $30,000 once oversold conditions appear on the chart.
Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.
Source: TradingView
Disclosure
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
