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Bitcoin Testing Resistance Near $40K; Support at $35K-$37K
BTC's price range could persist, although there is less chance of another major sell-off.
Updated May 11, 2023, 4:55 p.m. Published Mar 17, 2022, 5:49 p.m.
Bitcoin (BTC) continues to hover around the $40,000 price level amid choppy trading conditions. The cryptocurrency faces strong overhead resistance, which could stall the recent upswing in price. Still, lower support at $35,000 and $37,000 could stabilize pullbacks into the Asia trading day.
BTC was recently trading around $40,800 and is up 3% over the past week.
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The relative strength index (RSI) on the four-hour chart is approaching overbought levels, similar to what occurred earlier this month, which preceded brief pullbacks in price. On the weekly chart, however, the RSI is rising from oversold levels, decreasing the likelihood of a significant price sell-off.
Typically, BTC consolidates for about two months following an extreme upswing or downtrend. That means the current trading range between $30,000 and $40,000 could persist until a decisive breakout or breakdown occurs.
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