Bitcoin (BTC) buyers have defended their help in Asian hours as the near-term uptrend persists. The cryptocurrency is near $40,000 resistance at the time of publication and has risen about 6% in the last 24 hours.
The previous $40,000 attempt on Monday prompted overbought readings, which preceded a decline of about 10%. However, buyers were active with a decline of around $34,000 to $36,000.
The relative strength index (RSI) is overbought on the four-hour chart, which can lead to a profit taking.
Bitcoin is about 20% above the 100-period moving average on the four-hour chart. The maximum extension above the recent average observed in mid-June, as buyers did not overcome the $40,000 resistance.
The bearish momentum has slowed particularly over the next month, with bitcoin proceeding to hold $30,000. The existing rally can inspire new purchases once oversold signs appear on the weekly chart.
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