Bitcoin Bounce Faces Resistance; Support at $30K-34K

The recovery rally from the June 8 low of around $ 31,000 was short-lived as buyers battled $ 40,000 resistance this week. Bitcoin (BTC) is in a month-long consolidation phase and could face downward pressure until the weekend.

The daily price chart shows a series of lower price highs since April, suggesting that sellers are in control. Initial support is at $ 34,000 and then at $ 30,000, although the upside seems limited given the downward sloping 50-day moving average.

Bitcoin was trading around $ 37,900 at press time and is down about 3% in the past 24 hours.

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