Bitcoin Upside Stalls; Lower Support at $38K-$40K

Bitcoin is up about 20% over the past week, compared to a 25% rise in ether, the world’s second-largest cryptocurrency by market value.

AccessTimeIconAug 10, 2021 at 11:13 a.m. UTC
Updated Mar 6, 2023 at 3:25 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) is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone.

Bitcoin is up about 20% over the past week, compared to a 25% rise in ether (ETH), the world’s second-largest cryptocurrency by market value.

  • The relative strength index (RSI) on the four-hour chart registered lower highs and is declining from overbought territory. Typically, short-term overbought signals precede price declines of about 5% to 10%.
  • Initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside.
  • Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April.

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.