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Bitcoin Rangebound Near Support; Resistance at $40K-$43K
Sideways trading between $35K-$40K could persist this week as long-term momentum fades.
Updated May 11, 2023, 3:41 p.m. Published Feb 1, 2022, 8:07 p.m.
Bitcoin (BTC) is holding support above $37,000, albeit within a narrow trading range.
The cryptocurrency is roughly flat over the past 24 hours, changing hands at press time around $38,500, up 3% over the past week.
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Buyers will need to make a decisive move above the $40,000 resistance level in order to pause the intermediate-term downtrend from November.
For now, the relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes a brief pullback in price. Additionally, the downward sloping 100-period moving average on the four-hour chart could limit price gains over the short term.
On the daily chart, however, the RSI continues to rise from oversold levels, which means buyers could remain active above the $35,000-$37,000 support zone. The wide range of support suggests sideways trading could persist this week, especially given weak momentum on longer-term charts.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
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- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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