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Bitcoin Holding Support at $40K; Resistance at $43K-$47K
Selling pressure has weakened, which could pave the way for a price bounce.
Bitcoin (BTC) is attempting to break above a short-term downtrend as selling pressure wanes.
The $40,000 support level has maintained its status as the midpoint of the three-month long price range for BTC. Going forward, buyers will need to make a decisive move above $45,000 to maintain the recovery phase.
STORY CONTINUES BELOW
BTC was trading around $40,900 at press time and is up by 2% over the past 24 hours. Over the past week, however, the cryptocurrency is down 4%.
Immediate resistance is seen at $43,000, which could stall the current upswing in price. Still, buyers could remain active toward stronger resistance at $47,000 and $50,966.
The relative strength index (RSI) on the daily chart is starting to rise from oversold levels, similar to what occurred in late-January and February, which preceded a price bounce.
Further, a countertrend reversal signal appeared earlier today, per the DeMARK indicators, similar to the January 24 signal, which preceded a 30% rally in BTC. Still, a weekly price close above $40,000 is needed to confirm a countertrend reversal.
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.
