The price of Bitcoin (BTC) is falling after its rejection of the high at $35,950. For the past 48 hours, the BTC price has been falling from the recent high.
Since June 23, buyers have found it difficult to sustain bullish momentum above the $35,000 resistance. The bulls managed a partial breakout above the $35,000 high but were overwhelmed by the bears.
Thus, Bitcoin faced rejection at the $35,950 and $36,400 price levels, forcing BTC/USD to continue the downside correction. On the upside, if Bitcoin bounces above the $35,000 support, it will rally to the resistance zones at $40,000 to $42,500. At these price levels, the bears will likely defend the resistance zones. Conversely, the current downward correction will continue for the time being if the BTC price continues to face rejection from the recent high. Bitcoin is trading at $34,162 at the time of writing.
The BTC price is below the 70% area of the daily stochastic. This indicates that the cryptocurrency is in a bearish momentum. Bitcoin has risen to level 46 on the Relative Strength Index for period 14. It is in the downtrend zone and above the midline 50. Bitcoin has been relatively stable in the limited range. Since June 21, the cryptocurrency has faced rejection at the 21-day line SMA.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $40,000 and $35,000
Bitcoin is moving between the price levels of $31,000 and $41,273. Currently, BTC/USD is in a tight range between $31,000 and $35,000. Bears had the upper hand as buyers were restricted below the $35,000 resistance. Buyers have equally defended the $31,000 support while bulls are buying the dips.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.