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Bitcoin Holds Short-Term Support; Faces Resistance at $41K

Upside momentum has been weak, which means the corrective phase from May is not yet complete.

Jun 17, 2021 at 11:29 a.m. UTC
Updated Sep 14, 2021 at 1:12 p.m. UTC

Bitcoin (BTC) stabilized around $38,000 support on Wednesday but upside appears limited towards $41,000. The choppy range over the past few days suggests indecision between buyers and sellers.

A breakout from the trading range would yield an upside target towards the next resistance level around $45,000. However, upside momentum has been weak, which means the corrective phase from May is not yet complete.

Bitcoin was trading around $39,200 at press time and is up 7% over the past seven days.

  • The relative strength index (RSI) on the four-hour chart is neutral after signaling an overbought downturn on Monday.
  • The short-term trend is improving as price remains above the 100-period moving average on the four-hour chart.
  • Support around $37,000 and $34,000 could stabilize a potential pullback. However, there is strong resistance between $41,000 and $45,000.
  • The weekly chart is not yet oversold, which suggests limited upside and an extended period of consolidation.

DISCLOSURE

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