Bitcoin made a brief move above the $40,000 resistance level on Tuesday but buyers were unable to sustain upside price momentum. The BTC was trading around $39,700 at the time of writing and could see another attempt towards the price of $40,000 to $45,000.
The BTC recovery from the May 19 low is improving, which could stabilize selling pressure over the short term period.
The relative strength index is not yet overbought on the four-hour chart which suggests further buying strength, albeit briefly.
Bitcoin BTC is now above the 50-period volume-weighted moving average on the four-hour chart but faces a resistance level near the 100-period moving average a more reliable gauge of the intraday downtrend.
Bitcoin BTC is up about 8% over the past seven days after a successful re-test of around $30,000 support level on Sunday.
The daily BTC price chart is improving, although a decisive break above the price of $40,000 is needed to maintain a bullish posture. For now, BTC price recoveries appear counter-trend and limited to nearby resistance levels.
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