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Bitcoin Stalls Near Resistance; Lower Support at $40K
Overbought signals on intraday charts preceded the current pullback.
Updated May 11, 2023, 4:59 p.m. Published Feb 8, 2022, 7:56 p.m.
Bitcoin (BTC) reached a high of $45,488 over the past 24 hours, near a key resistance zone that preceded the current pullback. The cryptocurrency could find lower support at $40,000 into the Asia trading day.
The relative strength index (RSI) on the four-hour chart is declining from overbought territory, similar to what occurred in late December amid a short-term downtrend. This time, however, bitcoin has broken above previous resistance levels, which means the current pullback could stabilize soon.
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One concern is the low conviction among buyers, evidenced by low trading volume during the recent price rally. Low volume rallies typically result in pullbacks or range-bound trading before a more definitive price bottom is confirmed.
Bitcoin was trading around $43,000 at press time and is down 2% over the past 24 hours.
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