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Bitcoin Rally Stalls; Support at $40K, Resistance at $46K
BTC's price jump occurred on low volume, indicating weak buying strength.
Updated May 11, 2023, 6:34 p.m. Published Feb 15, 2022, 6:58 p.m.
Bitcoin (BTC) rose as much as 4% over the past 24 hours after buyers held support at $40,000. The cryptocurrency was trading near $44,000 at press time and appears to be overbought on intraday charts.
Pullbacks could be limited around $40,000 over the short term.
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The latest rally occurred on low volume, similar to previous price jumps, indicating weak buying strength. Still, the relative strength index (RSI) on the daily chart is not yet overbought, which could keep buyers active on dips.
The RSI on the weekly chart continues to rise from the most oversold level since March 2020, which preceded a strong price rally. Momentum signals are also improving on the weekly chart, which is constructive so long as support above $30,000-$40,000 holds.
On the monthly chart, however, momentum signals remain negative, suggesting limited upside for BTC around $46,000-$50,000.
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