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.