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Bitcoin Range-Bound Above $35K-$37K Support; Resistance at $40K
The sideways price range could result in higher volatility over the next two weeks.
Updated May 11, 2023, 3:57 p.m. Published Mar 14, 2022, 6:19 p.m.
Bitcoin (BTC) remains in a tight trading range, although buyers maintained support at $37,500 over the weekend. Still, the cryptocurrency faces strong resistance beyond $40,000, which could limit additional upside over the short term.
BTC was trading at $38,700 at press time and is roughly flat over the past 24 hours.
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The downward sloping 100-day moving average has kept the four-month downtrend intact. Recent sideways trading, however, could result in volatile price swings over the next two weeks.
Buyers will need to hold support above $35,000-$37,000 in order to preserve the long-term uptrend.
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