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Bitcoin Holds $40K Support, Initial Resistance at $47K
Oversold conditions could stabilize the pullback toward $47K resistance.
Updated Dec 28, 2022, 9:00 p.m. Published Sep 21, 2021, 11:18 a.m. 1 min read
Bitcoin is stabilizing as buyers defended support at the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside toward the $47,000 resistance level.
BTC was trading at about $43,000 at press time and is roughly flat over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price increases.
- Bitcoin faces initial resistance at its 100-period moving average on the four-hour chart at about $47,000, and then at $50,000, where buyers have continuously taken profits.
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What to know:
- Bitcoin surged more than 650% between November 2022 and October 2025 before entering a prolonged bear market.
- Gold’s rally peaked months after bitcoin, climbing from $2,000 to above $5,200 per ounce before correcting nearly 20%.
- Memory chip exposure lately has supplanted AI names like Nvidia as the hot-money target, while...
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