Bitcoin
$38,007.89+0.23%
Ethereum
$2,039.32-0.68%
Binance Coin
$225.65-1.53%
XRP
$0.60786834-0.78%
Solana
$60.50+3.57%
Cardano
$0.38099066-0.91%
Dogecoin
$0.08160538+0.95%
Tron
$0.10582961+2.32%
Toncoin
$2.45+0.33%
Chainlink
$14.61+0.26%
Avalanche
$21.16+2.00%
Polygon
$0.76460370+1.72%
PlayIconNav
Crypto Prices CoinDesk Market Index CoinDesk Market Index
Markets

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

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

By Damanick Dantes
AccessTimeIconSep 27, 2021 at 6:42 p.m. UTC
Updated May 11, 2023 at 6:36 p.m. UTC
Bitcoin four-hour price chart (CoinDesk, TradingView)

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) 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.

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 an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

Damanick Dantes
Damanick Dantes

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.

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.