Compartir este artículo

Bitcoin Bounce Stalls, Resistance Between $44K and $46K

Buyers could remain active at lower support levels, particularly at $40K.

Bitcoin four-hour chart shows nearby resistance with RSI on bottom (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour chart shows nearby resistance with RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) rallied 13% over the past week as bearish sentiment waned. The cryptocurrency, however, faces immediate resistance at $44,000 to $46,000, which could stall the price recovery over the short term.

BTC was trading at around $43,800 at press time and is up 6% over the past 24 hours.

CONTINÚA MÁS ABAJO
No te pierdas otra historia.Suscríbete al boletín de Crypto for Advisors hoy. Ver Todos Los Boletines

The relative strength index (RSI) on the four-hour chart is overbought, similar to what occurred in early February, which preceded a pullback in price. This time, however, there has been a significant loss of downside momentum, which means buyers could remain active at lower support.

For now, bitcoin is stuck in a range of between $37,000 and $46,000, pointing to a potential reversal of a three-month long downtrend. That means buying volume will need to increase on pullbacks in order to cause a shift in trends.

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.

Damanick Dantes