Bitcoin (BTC) continues to trade around $30,000, which is near the bottom of a one-year price range. The cryptocurrency appears to be stabilizing, although resistance at $33,000 and $35,000 could put the brakes on a price rebound.
BTC is up 2% in the last 24 hours and down 24% in the last 30 days. The recent sell-off extended Bitcoin's short-term downtrend despite oversold conditions on the chart.
The Relative Strength Index (RSI) on the daily chart is rising from an oversold level reached on May 12, when BTC fell towards $25,300. Usually, oversold signals precede a price rise, as was seen in late January.
Moreover, on the daily chart, BTC is on track to receive a positive momentum signal from the MACD indicator for the first time since late March. However, the momentum signals on the weekly and monthly charts are still negative, suggesting that the upside potential is limited from here.