Bitcoin BTC buyers remained active during Asia hours and defended initial support of around $33,800. The next level of support is seen between $38,000-$40,000, which is near the top of a month-long range.

Bitcoin is attempting to reverse a short-term downtrend

The $30,000 support was re-tested over the weekend, marking a higher low from the June 22 shakeout around the price of $29,000. Price remains elevated and could break above the 100-period moving average on the four-hour chart.

Bitcoin BTC was trading around $35,000 at press time and is up 4% over the past 24-hours.



Bitcoin price is attempting to reverse a short-term downtrend, which could yield further upside, especially since the relative strength index on the daily chart is not yet overbought.

The price corrective phase since May appears to be slowing as buyers return at support levels. A temporary relief price rally could stabilize selling pressure until overbought signals appear on the charts.

For now, the bitcoin price is stuck in a range as sellers maintain a series of lower price highs since April.

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