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Bitcoin Range-Bound; Support at $43K-$45K
Buyers could remain active on pullbacks into the Asia trading day.
Updated May 11, 2023, 3:35 p.m. Published Apr 5, 2022, 6:24 p.m.
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Bitcoin (BTC) is stabilizing after a 3% price drop during the New York trading day.
The cryptocurrency has failed to break above resistance at $47,000 over the past few days, which indicates a loss of upside momentum. Still, lower support around $43,000 and $45,000 could stabilize the pullback.
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BTC was trading around $46,000 at press time and is down 3% over the past week.
Momentum signals remain negative on the daily chart, similar to what occurred in early February. This time, however, bitcoin has broken above $43,000 with positive momentum on the weekly chart. That means buyers could remain active on pullbacks.
The relative strength index (RSI) on the daily chart is declining from overbought levels, similar to what occurred in October of last year. Still, overbought signals can persist for a few months before a significant downturn in price.
