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Bitcoin Stabilizes at $43K Support; Resistance at $45K-$48K
Range-bound price action could persist for a few days.
Updated May 11, 2023, 6:15 p.m. Published Apr 7, 2022, 6:21 p.m.
Bitcoin (BTC) is stabilizing after a near-10% drop from the $48,000 resistance level earlier this week. The cryptocurrency is holding support above $43,000 and is roughly flat over the past 24 hours.
The relative strength index (RSI) on intraday charts are rising from oversold levels, which could keep short-term buyers active into the Asia trading day. On the daily chart, however, the RSI is neutral with negative momentum, suggesting range-bound price action could persist for a few more days.
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BTC will need to make a decisive move above above $45,000 in order to yield upside price targets, initially toward $50,966. For now, the price recovery from the January low at $32,933 remains intact, especially given the positive momentum reading on the weekly chart.
Still, indicators on the monthly chart suggest upside is limited for BTC over the intermediate term. That means BTC will need to maintain stronger support above $37,560 to keep the three-month uptrend of higher price lows stable. A decisive break below that level could invalidate the recovery phase.
The chart below shows key levels to manage short-term risk, per the DeMARK indicators, available on Symbolik.
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