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Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K
Buyers could remain active into the Asia trading day as momentum improves.
Updated May 11, 2023, 5:13 p.m. Published Jan 19, 2022, 7:26 p.m.
Bitcoin (BTC) continues to hold support above $40,000 as momentum improves on intraday charts.
The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day. As of press time Wednesday, bitcoin was changing hands at $41,822.
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Still, upside appears to be limited toward the $43,000-$45,000 resistance zone. And $48,000 could present another hurdle for buyers given the series of lower price highs since November.
The relative strength index (RSI) on the four-hour chart approached an oversold level on Tuesday, similar to what occurred on Jan. 5, which preceded a near 10% price bounce a few days later.
On the daily chart, the RSI has remained in oversold/neutral territory for about a month, which is common during a price downtrend.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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