Bitcoin Attempts Range Breakout, Faces Resistance at $42K

Bitcoin is attempting to break out of a monthslong range but faces resistance at $40K-$42K.

AccessTimeIconJun 14, 2021 at 11:27 a.m. UTC
Updated Mar 6, 2023 at 3:28 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) held support at around $34,000 over the weekend and is approaching resistance at $40,000-$42,000. The world's largest cryptocurrency has been consolidating for nearly a month as buyers established a solid base at $30,000.

A breakout from the range would yield further upside toward $50,000. Sellers, however, remain in control given the strong overhead resistance.

Bitcoin was trading at about $39,300 at press time, up about 9% over the past 24 hours.

  • The short-term trend is improving as prices returned above the 100-period moving average on the four-hour chart.
  • There is immediate resistance at $40,000, which could limit upside, especially as the relative strength index (RSI) appears to be overbought on the four-hour chart.
  • Minor support is seen at around $34,000, which is the midpoint of the short-term range. If support holds, a decisive breakout above $42,000 could shift the downtrend from May.

Disclosure

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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.