Bitcoin Rising Toward $45K Resistance, Support at $40K

Downside momentum is starting to wane after a volatile month.

Sep 30, 2021 at 11:25 a.m. UTC
Updated Oct 1, 2021 at 12:41 a.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 were active during Asian trading hours as pullbacks remain limited to the $40,000 support level. Initial resistance is seen at around $45,000, which could cap further upside over the short term.

BTC was trading at about $42,900 at press time and is down 3% over the past week. Downside momentum is starting to wane, which could keep buyers active, albeit within a range between $40,000 support and $50,000 resistance.

  • The relative strength index (RSI) on the four-hour chart continues to rise from extreme oversold levels last week, suggesting that the price is starting to stabilize after a volatile month.
  • The RSI on the hourly chart, however, is declining from overbought levels. That means intraday buyers are starting to take some profits, although support at $40,000-$42,000 could stabilize a brief pullback.
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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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