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Bitcoin Downtrend Stabilizes, Resistance at $40K-$43K
Expect choppy price action within the current trading range.
Updated May 11, 2023, 3:52 p.m. Published May 4, 2022, 5:20 p.m.
Bitcoin (BTC) is attempting to reverse a short-term downtrend on intraday charts, albeit within a three-month trading range. Choppy price action could occur as buyers try to defend support at $37,500 ahead of sell orders near the $40,000-$43,000 resistance zone.
BTC was trading at around $39,000 at press time and is up 2% over the past 24 hours. The cryptocurrency is roughly flat over the past week, reflecting uncertainty among traders.
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The relative strength index (RSI) on the daily chart is hovering near oversold levels, which could keep short-term buyers active, especially if momentum signals improve.
Still, upside appears to be limited despite the potential for intraday price swings. For example, there has been a loss of upside momentum on the weekly chart, similar to what occurred last November, which preceded a price drop.
This time, however, the weekly chart isn't overbought. That means BTC's current price range could persist until a decisive breakout above $46,000 or breakdown below $30,000 occurs.
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