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Bitcoin Drifts Lower, Stuck Between $40K Support and $45K Resistance
BTC appears oversold into the Asian trading day, but upside remains limited.
Updated May 11, 2023, 3:39 p.m. Published Jan 18, 2022, 7:53 p.m.
Bitcoin (BTC) has traded in a sideways range over the past week, although buyers continued to hold support at around $40,000. The next level of resistance is between $43,000 and $45,000, which could limit short-term price gains.
BTC is roughly flat over the past 24 hours, as most technical indicators remain neutral heading into the Asian trading day.
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The relative strength index (RSI) on the four-hour chart is the most oversold since Jan. 7, which preceded a 10% price bounce. In a downtrend, however, price reaction to oversold readings could be delayed by a few days.
For now, sellers remain in control as long-term momentum signals weaken.
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