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Bitcoin Stalls Near Resistance; Support Around $40K-$42K
Price weakness could persist into the Asia trading day.
Updated May 11, 2023, 5:13 p.m. Published Jan 13, 2022, 7:53 p.m.
Bitcoin (BTC) pulled back after buyers took some profits near the $44,000-$45,000 resistance zone.
The cryptocurrency remains in a short-term downtrend, although support around $40,000 could stabilize the pullback.
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BTC is down about 2% over the past 24 hours and is roughly flat over the past week. A decisive break above $45,000 is needed to reverse the short-term downtrend, but slowing momentum suggests price weakness could persist into the Asia trading day.
The relative strength index (RSI) on the four-hour chart declined near overbought levels, similar to what occurred in late December, which preceded a pullback in price. Buyers will likely remain on the sidelines until oversold conditions materialize, most likely over the next few days.
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