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Bitcoin Rangebound; Initial Support at $40K
Indicators are neutral as BTC's latest price jump pauses.
Updated May 11, 2023, 4:59 p.m. Published Feb 16, 2022, 6:59 p.m.
Bitcoin (BTC) was trading in a tight range between $43,000 and $44,000 over the past 24 hours. Support is nearby, which could limit pullbacks over the short term.
Buyers will need to maintain a price floor above $40,000 to sustain the uptrend from $36,000 that occurred on Feb. 3. Intraday charts appear overbought, however, which could stall the upside, similar to what occurred last week.
For now, the 50-day moving average on the four-hour chart has flattened, indicating a pause in upside momentum. Resistance remains at $46,000, and if buyers fail to maintain current levels, a dip toward $35,000 seems likely.
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The $75,000-$76,000 range has proven to be stiff resistance as bitcoin attempts to claw back this year's losses.
What to know:
- Bitcoin quickly dipped in U.S. morning trade on Thursday.
- Once again, the $75,000-$76,000 proved to be stiff resistance for BTC's recent rally.
- The software sector, which had lagged bitcoin for several weeks, has been surging in recent days even as BTC is about flat.
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