Bitcoin Consolidates Above $40K Support, Resistance at $45K

Indicators show a period of consolidation could persist given strong resistance above $45K.

Sep 29, 2021 at 11:16 a.m. UTC
Updated Sep 29, 2021 at 1:53 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) is attempting to break above a series of lower price highs over the past few days, although upside appears to be limited toward the $45,000 resistance level. Buyers continue to defend support at $40,000, suggesting pullbacks are limited over the short term.

BTC was trading at around $42,000 at press time and is roughly flat over the past 24 hours.

  • The relative strength index (RSI) on the hourly chart is not yet overbought, which could encourage short-term buying in the $40,000-$45,000 price range.
  • On the daily and weekly charts, the RSI is near neutral territory as upside momentum significantly slowed over the past month.
  • Indicators show a period of consolidation could persist in the intermediate term given strong resistance beyond $45,000.
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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.

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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.

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