Bitcoin Holds Minor Support; Faces Resistance at $40K

Bitcoin (BTC) is in a consolidation phase after a volatile May. A nearly 13% surge on Wednesday was short-lived as buyers took profits. Despite oversold levels on the daily chart, there is strong resistance near $ 40,000.

Bitcoin has seen a series of lower price highs over the past two weeks, although buyers have defended support at around $ 34,000 and $ 30,000.

The cryptocurrency was trading at around $ 37,500 at press time.

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