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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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Ark frequently uses broader digital asset downturns, which tend to pull crypto equities lower, as an entry point into cryptocurrency companies.
What to know:
- Ark Invest bought $5 million worth of Bullish (BLSH) stock on Thursday, the fourth day in a row it has added BLSH shares.
- Cathie Wood's investment manager has purchased $12.5 million worth of shares in the crypto group.
- BLSH shares closed 0.2% lower at $35.96 on Thursday.
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