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Bitcoin Holding Support; Resistance at $43K
The current price action is similar to what occurred in 2018-2019.
Updated May 11, 2023, 5:02 p.m. Published Apr 28, 2022, 6:01 p.m.
Bitcoin (BTC) remains in a tight trading range with support at $37,500 and initial resistance at $43,000.
The cryptocurrency was trading around $39,000 at press time and is down 2% over the past week. BTC appears to be stabilizing on intraday charts, although upside could be limited into the Asia trading day.
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Momentum signals have weakened over the past week, which typically precedes a period of flat to negative price action. For now, buyers have kept prices anchored around the $40,000 price level, albeit unwilling to decisively break above the $46,710 resistance level over the past three months.
A negative reading on weekly momentum indicators is on watch, which could increase the chance of a price breakdown.
Still, BTC is a few days away from registering a bullish countertrend signal, per the DeMARK indicators, which could delay the formation of an intermediate-term downtrend.
The current price action is similar to what occurred in 2018 and 2019, which was a long period of choppy trading and relatively low returns, similar to equities. At that point, the bitcoin price range was roughly $6,000 to $9,000.
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