Share this article
BTC
$79,702.80
+
2.17%ETH
$1,576.90
+
0.05%USDT
$0.9995
+
0.01%XRP
$1.9357
+
1.05%BNB
$558.49
+
1.23%USDC
$0.9999
-
0.02%SOL
$108.92
+
2.74%DOGE
$0.1517
+
2.22%TRX
$0.2286
-
0.26%ADA
$0.5921
+
3.96%LEO
$8.9020
+
0.24%TON
$3.1280
+
7.65%LINK
$11.61
+
3.59%XLM
$0.2347
+
1.80%AVAX
$16.85
+
5.44%SHIB
$0.0₄1154
+
2.92%SUI
$2.0604
+
7.84%HBAR
$0.1526
+
9.42%OM
$6.2815
+
6.69%BCH
$277.49
+
2.70%Sign Up
- Back to menuNews
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menuSponsored
- Back to menu
- Back to menu
- Back to menuResearch
- Back to menuWebinars & Events
- Back to menu
Bitcoin Stabilizes Above $40K; Resistance at $43K-$46K
The recovery phase remains intact, albeit within a wide trading range.
Bitcoin (BTC) returned above $40,000, which is the midpoint of its three-month long price range. Still, the cryptocurrency faces initial resistance at $43,500, which could stall the current upside in price.
BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.
STORY CONTINUES BELOW
The relative strength index (RSI) on intraday charts is approaching overbought levels, similar to what occurred in late-March, which preceded a pullback in price. On the daily chart, however, the RSI is neutral, which means buyers could remain active at support.
For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact. Further, a series of higher price lows since Jan. 24 indicates a slowdown in selling pressure, albeit with 20% price swings.
Momentum signals on the weekly chart are still positive, which could point to additional upside toward the $46,710 resistance level over the intermediate term.
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.
