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Bitcoin Approaching $40K Resistance Zone; Support at $37K
A volatile breakout or breakdown is likely this week.
Updated May 11, 2023, 6:22 p.m. Published Mar 15, 2022, 6:02 p.m.
Bitcoin (BTC) is recovering after multiple setbacks from the $40,000 resistance zone. Technical indicators are mostly neutral and trading volume is low, suggesting a breakout or breakdown is likely this week.
BTC was trading around $39,300 at press time and is roughly flat over the past week.
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So far, buyers have maintained a strong support base around $37,000, which could limit pullbacks over the short term. The significant loss of downside momentum on the weekly chart could also encourage buying activity, especially if a breakout above $40,000 occurs.
On the monthly chart, however, momentum signals are negative, which means upside could be limited toward the $46,700 resistance level.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
Lo que debes saber:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
- A stronger yen could lead to de-risking in macro portfolios, impacting liquidity conditions that have supported bitcoin's recent recovery.
- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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