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Bitcoin Holding Support Above $42K; Resistance at $45K-$47K
Support remains intact, which could keep buyers active over the short term.
Updated May 11, 2023, 6:21 p.m. Published Jan 14, 2022, 7:54 p.m.
Bitcoin (BTC) buyers are attempting to reverse a two month-long downtrend. The cryptocurrency declined by roughly 30% from an all-time high near $69,000 in November, and now technical indicators suggest the sell-off is starting to stabilize.
BTC was trading around $43,000 at the time of writing, and is up about 3% over the past week.
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Support is seen around the $40,000 price level, which could limit pullbacks over the short term. Still, upside could be limited toward the $45,000-$47,000 resistance zone over the weekend.
The relative strength index (RSI) on the daily chart is rising from oversold levels, similar to what occurred in late-September, which preceded a price rally. This time, however, upside momentum is starting to wane on weekly and monthly charts, which lowers the chance of signifiant buying.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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