Bitcoin Rises Above $37K; Resistance at $40K-$43K
A decisive break above $40K is needed to pause the downtrend from November.
Bitcoin (BTC) buyers remain active, pushing the cryptocurrency over $37,000, which is near the top of week-long price range. Still, upside could be limited around the $40,000-$43,000 resistance zone over the short term.
BTC was trading at $37,500 at press time and is up 3% over the past 24 hours.
The relative strength index (RSI) on the four-hour chart triggered an oversold signal on Jan. 22, which preceded the latest price bounce. On the daily chart, the RSI is starting to rise from extreme oversold levels, which could stabilize the current sell-off.
Initial resistance is at the 100-day moving average on the four-hour chart, positioned at $40,600. Buyers will need to make a decisive move above that level to pause the downtrend from November.
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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.
Ce qu'il:
- 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.
