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Bitcoin Holding Support With Higher Price Lows; Resistance at $46K
There has been a loss of downside momentum on the daily chart, which could keep short-term buyers active.
Bitcoin (BTC) has maintained support above $37,500 over the past month, indicating a loss of downside momentum on the charts.
The cryptocurrency was trading around $41,300 at press time and is roughly flat over the past 24 hours. On intraday charts, however, BTC appears to be overbought, which could briefly stall the current upswing in price.
STORY CONTINUES BELOW
A series of higher price lows since Jan. 24 suggests continued buying interest around the $32,000-$37,500 support zone, which is the bottom of a year-long price range.
The next major resistance level is seen at $46,700, which has capped price rallies over the past few months. Typically, price rises begin to stall after retracing roughly 38% to 50% of the prevailing downtrend, similar to what occurred in September of last year.
Still, the significant slowdown in BTC's long-term uptrend suggests upside could be limited over the next few months.
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.
