Bitcoin Consolidates Around Short-Term Support; Faces Resistance Near $42K

BTC is down about 3% over the past seven days as the price recovery from $30,000 stalls.

May 27, 2021 at 11:22 a.m. UTC
Updated Sep 14, 2021 at 1:02 p.m. UTC

Bitcoin (BTC) has traded sideways over the past week as the correction phase stabilizes. The cryptocurrency held short-term support at $36,000 and was trading around $39,000 at the time of writing. Resistance is seen at the upper bound of the week-long range around $42,000.

  • Bitcoin is holding above the 100-period moving average on the hourly chart which suggests the short-term trend is improving.
  • Immediate resistance is seen at $40,000 where buyers failed to sustain upside over the past few days. $42,000 is the next level of resistance which is around the 200-day moving average.
  • Bitcoin is down about 3% over the past seven days as the price recovery from $30,000 stalls.
  • Volatility has drifted lower since May 23, which is typical during price consolidation. Considering the sharp correction this month, lower volatility could encourage buyers to return at support levels.  
CoinDesk - Unknown

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
2
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Thoughts From Davos

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitso, primer unicornio cripto de América Latina, despide a 80 empleados

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

CoinDesk - Unknown