Bitcoin (BTC) is stuck in a consolidation phase after a volatile May. A near 13% rise on Wednesday was short-lived as buyers took profit. There is strong resistance near $40,000 despite oversold readings on the daily chart. Bitcoin registered a series of lower price highs over the past two weeks, although buyers have defended support around $34,000 and $30,000. The cryptocurrency was trading around $37,500 at press time. The relative strength index (RSI) on the daily chart is improving from an initial oversold reading on May 19. This suggests the downtrend from May is stabilizing. However, there is strong overhead ... (full story)