Bitcoin (BTC) has been trading in a narrow range between $28,500 and $30,000 over the past week. Despite short-term fluctuations, the cryptocurrency has managed to hold support above $27,000, which could keep some buyers active.
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BTC was trading around $29,100 at the time of publication on Monday and has barely changed in the last 24 hours.
Momentum signals on the daily chart are improving, similar to what was seen in late February and late March. In addition, the Relative Strength Index (RSI) on the daily chart continues to rise out of oversold territory, which could indicate a price recovery.
However, the RSI on the daily chart needs to rise above 50 to determine if a price recovery is sustainable.
On the weekly chart, the RSI is more oversold than it has been since March 2020, although the momentum signals remain negative. This suggests that BTC's uptrend may be limited, initially towards the resistance zone between $33,000 and $35,000.
This article was translated by Marina Lammertyn.