Share this article
BTC
$83,931.53
+
0.39%ETH
$1,583.01
-
0.27%USDT
$0.9999
+
0.01%XRP
$2.0740
-
0.59%BNB
$581.80
-
0.19%SOL
$129.96
+
3.20%USDC
$0.9999
+
0.01%TRX
$0.2449
-
3.07%DOGE
$0.1551
+
0.01%ADA
$0.6114
+
0.18%LEO
$9.4452
+
0.84%LINK
$12.38
+
0.47%AVAX
$19.00
+
0.81%TON
$2.9226
+
1.24%XLM
$0.2361
-
0.07%SHIB
$0.0₄1186
+
1.16%SUI
$2.0696
-
1.15%HBAR
$0.1566
-
0.70%BCH
$326.39
+
1.97%LTC
$74.08
-
2.47%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Holds Support Above $35K; Resistance Near $40K
BTC is stabilizing between $30K and $40K as oversold conditions remain intact.
Bitcoin (BTC) buyers have maintained support at the Jan. 24 low of $32,900, and then held above $35,000 over the past few days. Short-term momentum is improving on intraday charts, which could keep buyers active into the weekend.
Still, longer-term indicators are neutral/bearish, which could limit upside at the $40,000-$43,000 resistance zone.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
For now, the relative strength index (RSI) on the weekly chart is approaching oversold levels, similar to what occurred in March 2020, which preceded a price rally. This time, however, the monthly chart indicates strong selling pressure that could maintain BTC’s intermediate-term downtrend.
On the daily chart, the RSI has risen from oversold levels since Jan. 22, which could attract short-term buyers.
For confirmation, traders could monitor the Nasdaq 100 Index of stocks, which has short-term support at $14,000. An oversold bounce in traditional markets could be a near-term positive for crypto prices as correlations rise.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
