Bitcoin Above $42K Support, Resistance at $46K-$48K

Buyers could remain active at support level as the sell-off stabilizes.

Sep 27, 2021 at 6:42 p.m. UTC

Bitcoin four-hour price chart (CoinDesk, TradingView)

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

Bitcoin (BTC) buyers defended the $40,000-$42,000 support range over the weekend as selling pressure slowed. The cryptocurrency was trading at about $43,800 at press time and is up about 1.8% over the past 24 hours. The next level of resistance is at around $46,000-$48,000, which could limit further upside over the short term.

The relative strength index (RSI) on the four-hour chart is not yet overbought, suggesting buyers could remain active toward resistance levels.
BTC registered a series of lower price highs over the past two weeks as sellers returned at around the $50,000 resistance level.
A break above the 100-period moving average on the four-hour chart could yield further upside toward $48,000. For now, indicators show pullbacks should remain limited at around the $40,000 support level.

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