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Bitcoin Stabilizes Above $40K; Resistance at $43K-$46K
The recovery phase remains intact, albeit within a wide trading range.
Updated May 11, 2023, 6:17 p.m. Published Apr 19, 2022, 5:26 p.m.
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Bitcoin (BTC) returned above $40,000, which is the midpoint of its three-month long price range. Still, the cryptocurrency faces initial resistance at $43,500, which could stall the current upside in price.
BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.
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The relative strength index (RSI) on intraday charts is approaching overbought levels, similar to what occurred in late-March, which preceded a pullback in price. On the daily chart, however, the RSI is neutral, which means buyers could remain active at support.
For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact. Further, a series of higher price lows since Jan. 24 indicates a slowdown in selling pressure, albeit with 20% price swings.
Momentum signals on the weekly chart are still positive, which could point to additional upside toward the $46,710 resistance level over the intermediate term.
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