Bitcoin
$64,668.44-0.11%
Ethereum
$3,159.20-0.56%
Binance Coin
$614.60+2.26%
Solana
$148.91-1.62%
XRP
$0.52748944-0.82%
Dogecoin
$0.15241124-0.74%
Toncoin
$5.52-1.30%
Cardano
$0.47400584-0.22%
Shiba Inu
$0.00002608+0.22%
Avalanche
$35.81-3.00%
Tron
$0.11667157+2.87%
Wrapped Bitcoin
$64,704.02-0.13%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to Consensus 2024The largest and longest running event that covers all sides of Crypto and Web 3
33
DAYS
18
HR
49
MIN
50
SEC
Markets

Bitcoin Declines From Resistance, Approaches $40K Support

The intermediate-term trend is weakening, although support at $40K could stabilize the pullback.

By Damanick Dantes
AccessTimeIconSep 28, 2021 at 8:32 p.m. UTC
Updated May 11, 2023 at 4:33 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) is trading lower after sellers responded to resistance near $45,000. The cryptocurrency is down about 4% over the past 24 hours to $41,909 as upside momentum slows.

Support is nearby at $40,000, which could stabilize the pullback.

  • The 100-period moving average on the four-hour chart continues to cap upside moves. That suggests buyers are losing strength after failing to sustain a breakout above $50,000 resistance earlier this month.
  • The relative strength index (RSI) on the four-hour chart is neutral after reaching overbought levels last week, which preceded a brief 14% price bounce.
  • On the hourly chart, the RSI is the most oversold since Sunday, suggesting intraday buyers could remain active, albeit briefly toward $43,000-$45,000 resistance.
  • And on the weekly chart, upside momentum has slowed over the past two months, indicating a weaker uptrend as price increases remain limited.
VolumeMuteUnmute

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 employees, including journalists, may receive options in the Bullish group as part of their compensation.

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.