Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

By Damanick Dantes

Buyers could remain active into the Asia trading day as momentum improves.

Bitcoin four-hour price chart shows support/resistance and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) continues to hold support above $40,000 as momentum improves on intraday charts.

The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day. As of press time Wednesday, bitcoin was changing hands at $41,822.

Still, upside appears to be limited toward the $43,000-$45,000 resistance zone. And $48,000 could present another hurdle for buyers given the series of lower price highs since November.

The relative strength index (RSI) on the four-hour chart approached an oversold level on Tuesday, similar to what occurred on Jan. 5, which preceded a near 10% price bounce a few days later.

On the daily chart, the RSI has remained in oversold/neutral territory for about a month, which is common during a price downtrend.


Editor’s Note:

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