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Bitcoin Holds Support Above $40K; Initial Resistance at $46K
Buyers remain active on pullbacks, keeping support levels intact.
Updated May 11, 2023, 4:55 p.m. Published Mar 23, 2022, 6:04 p.m.
Bitcoin (BTC) pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level. There is room for additional upside, although resistance at $46,700 could stall the price bounce.
The cryptocurrency was trading around $42,300 at press time and is roughly flat over the past 24 hours.
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Bitcoin's trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month long downtrend.
Elsewhere, the recent outperformance in alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin indicates bullish sentiment among traders. That means higher trading ranges are expected over the short term.
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Bitcoin's 'realized cap' holds at record high over $1 trillion, casting doubt on four-year cycle
A very supportive macro backdrop is being ignored for now, said Bitwise's Andre Dragosch.
O que saber:
- Bitcoin’s so-called realized capitalization is at a record $1.125 trillion, continuing to rise through this recent 36% price correction.
- Bitwise’s Andre Dragosch argues bitcoin is underpricing a supportive macro backdrop, with resilient growth and a more dovish Fed potentially driving further upside and undermining the four-year cycle framework.
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