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

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

Sep 27, 2021 at 11:23 a.m. UTC
Updated Sep 27, 2021 at 6:42 p.m. UTC

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager 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.
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.

CoinDesk - Unknown

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

CoinDesk - Unknown

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

Trending

2
CoinDesk - Unknown
Crypto News Roundup for May 24, 2022

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

With bitcoin and ether trading down as Tron’s TRX trades in the green, plus a look at what to expect in crypto with rising interest rates, CoinDesk’s "Markets Daily" is back with the latest news roundup.

CoinDesk - Unknown
3
CoinDesk - Unknown
Miladys NFT Prices Tumble After Creator Doxxes Self as Person Behind Controversial 'Miya'

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

The collection amassed huge popularity in crypto circles but its creator has now acknowledged being the person behind a pseudonymous account allegedly linked to an online cult.

CoinDesk - Unknown
4
CoinDesk - Unknown
How to Transfer NFTs Between Wallets

As an NFT collector or investor, you'll want to learn how to transfer your collectibles in and out of crypto wallets.

As an NFT collector or investor, you'll want to learn how to transfer your collectibles in and out of crypto wallets.

CoinDesk - Unknown