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.

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
Solana, Cardano Tokens Slide Over 9% as Cryptos See Weakness Amid Poor US Consumer Data

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

Bitcoin lost support at $30,000 as Chinese technology stocks sold off on Thursday amid earnings worries a day after hawkish comments from the U.S. Federal Reserve.

2
Institutional DeFi Enabler? Data Firm Kaiko Probes DEX Liquidity With New Product

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

The data feed unpacks what’s what in Uniswap, SushiSwap, Curve Finance and Balancer asset pools.

3
US Appeals Court Orders SEC to Bring Enforcement Actions to Jury Trials

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

The 5th Circuit Court of Appeals found that the targets of SEC enforcement actions had their constitutional rights violated by the use of in-house judges.

4
First Mover Asia: Pine Wants to Test the Liquidity of the NFT Market; Cryptos Are Well-Red

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.

The number of users on NFT markets is at its lowest point this year, but still higher than in 2021. The crypto lending platform sees an opportunity.