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Bitcoin Rises Above $37K; Resistance at $40K-$43K
A decisive break above $40K is needed to pause the downtrend from November.
Updated May 11, 2023, 3:39 p.m. Published Jan 25, 2022, 7:21 p.m.
Bitcoin (BTC) buyers remain active, pushing the cryptocurrency over $37,000, which is near the top of week-long price range. Still, upside could be limited around the $40,000-$43,000 resistance zone over the short term.
BTC was trading at $37,500 at press time and is up 3% over the past 24 hours.
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The relative strength index (RSI) on the four-hour chart triggered an oversold signal on Jan. 22, which preceded the latest price bounce. On the daily chart, the RSI is starting to rise from extreme oversold levels, which could stabilize the current sell-off.
Initial resistance is at the 100-day moving average on the four-hour chart, positioned at $40,600. Buyers will need to make a decisive move above that level to pause the downtrend from November.
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The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
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