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Bitcoin Downtrend Stabilizes, Resistance at $40K-$43K
Expect choppy price action within the current trading range.
Bitcoin (BTC) is attempting to reverse a short-term downtrend on intraday charts, albeit within a three-month trading range. Choppy price action could occur as buyers try to defend support at $37,500 ahead of sell orders near the $40,000-$43,000 resistance zone.
BTC was trading at around $39,000 at press time and is up 2% over the past 24 hours. The cryptocurrency is roughly flat over the past week, reflecting uncertainty among traders.
STORY CONTINUES BELOW
The relative strength index (RSI) on the daily chart is hovering near oversold levels, which could keep short-term buyers active, especially if momentum signals improve.
Still, upside appears to be limited despite the potential for intraday price swings. For example, there has been a loss of upside momentum on the weekly chart, similar to what occurred last November, which preceded a price drop.
This time, however, the weekly chart isn't overbought. That means BTC's current price range could persist until a decisive breakout above $46,000 or breakdown below $30,000 occurs.
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.
