Share this article
Bitcoin Rangebound; Initial Support at $40K
Indicators are neutral as BTC's latest price jump pauses.
Updated May 11, 2023, 4:59 p.m. Published Feb 16, 2022, 6:59 p.m.
Make us preferred on Google
Bitcoin (BTC) was trading in a tight range between $43,000 and $44,000 over the past 24 hours. Support is nearby, which could limit pullbacks over the short term.
Buyers will need to maintain a price floor above $40,000 to sustain the uptrend from $36,000 that occurred on Feb. 3. Intraday charts appear overbought, however, which could stall the upside, similar to what occurred last week.
For now, the 50-day moving average on the four-hour chart has flattened, indicating a pause in upside momentum. Resistance remains at $46,000, and if buyers fail to maintain current levels, a dip toward $35,000 seems likely.
Lebih untuk Anda
Bitcoin holds $71,000 despite Trump warning of strikes on Iran's oil-rich Kharg Island
The largest cryptocurrency is up 4.2% on the week despite Friday's reversal, with attention now turning to the Fed meeting on March 17-18 and whether oil above $100 forces a shift in rate expectations.
Yang perlu diketahui:
- Bitcoin has held above its prewar level and trades around $71,000, showing resilience despite intensified conflict in the Middle East and U.S. strikes on Iran’s Kharg Island.
- Crypto markets have broadly risen over the past week, with major tokens like ether, dogecoin, solana and BNB all posting gains even as bitcoin repeatedly fails to break through the $73,000 to $74,000 resistance range.
- Traders are increasingly treating war-related headlines as temporary shocks, but rising oil prices, record energy supply disruptions and next week’s Federal Reserve meeting pose renewed risks to risk assets, including cryptocurrencies.
