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Bitcoin Stuck Below $40K Resistance; Support at $33K
Upside remains limited given the intermediate-term downtrend.
Updated May 11, 2023, 6:21 p.m. Published Jan 27, 2022, 7:39 p.m.
Bitcoin (BTC) failed to sustain a brief price rise from $32,900 to $39,000 over the past few days. The cryptocurrency is trading in a tight range on intraday charts, and technical indicators are mostly neutral over the short term.
BTC was trading around $36,000 at press time and is down 5% over the past 24 hours.
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Price action has remained below a downward-sloping 100-day moving average on the four-hour chart over the past few weeks, which indicates strong selling pressure. So far, oversold signals have preceded brief price rises, suggesting limited upside ahead given the persistent downtrend since November 2021.
For now, buyers will need to hold support between $30,000 and $37,000 in order to stabilize the pullback.
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Bitcoin trades near key price safety net that Strategy already breached
The safety net is the 100-week average, which has stalled the downtrend.
What to know:
- Bitcoin trades near a critical 100-week simple moving average, a key support level for bulls.
- Strategy shares have already fallen below this average, signaling potential bearish trends for bitcoin.
- Bulls must defend this support to prevent further declines similar to Strategy's recent losses.
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