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Bitcoin Holding Support Above $35K-$37K, Resistance at $45K
BTC appears to be oversold on intraday charts, although momentum has weakened.
Updated May 11, 2023, 4:57 p.m. Published Mar 7, 2022, 6:58 p.m.
Bitcoin (BTC) traded lower over the weekend after buyers were unable to break above the $40,000 price level. Immediate support is at $37,000, which could stabilize the pullback, although stronger support is seen at $35,000.
The cryptocurrency continues to trade in a tight price range and is down 2% over the past 24 hours to about $38,000.
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Upside momentum is slowing on the daily chart, which points to further consolidation around the current price. Resistance is seen at $45,000.
The relative strength index (RSI) on the four-hour chart is rising from oversold levels, similar to what occurred during the last week of February, which preceded a price jump. Still, the RSI can remain in oversold territory for a few days before confirming an upswing (typically with a reading above 50).
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What to know:
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Why XRP’s drop below $1.93 shifts short-term market structure
The move followed multiple failed attempts to sustain momentum above recent resistance, leaving XRP vulnerable once support levels were tested again.
What to know:
- XRP fell 2.6% to $1.90 after failing to break resistance, indicating short-term bearish control.
- The breakdown below the $1.93 Fibonacci level marked a technical failure, with increased volume confirming active selling.
- Traders should watch the $1.93 resistance and $1.88–$1.90 support levels for potential shifts in momentum.
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