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Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K
Buyers could remain active into the Asia trading day as momentum improves.
Updated May 11, 2023, 5:13 p.m. Published Jan 19, 2022, 7:26 p.m.
Bitcoin (BTC) continues to hold support above $40,000 as momentum improves on intraday charts.
The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day. As of press time Wednesday, bitcoin was changing hands at $41,822.
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Still, upside appears to be limited toward the $43,000-$45,000 resistance zone. And $48,000 could present another hurdle for buyers given the series of lower price highs since November.
The relative strength index (RSI) on the four-hour chart approached an oversold level on Tuesday, similar to what occurred on Jan. 5, which preceded a near 10% price bounce a few days later.
On the daily chart, the RSI has remained in oversold/neutral territory for about a month, which is common during a price downtrend.
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