PlayIconNav
BTC
$67,835.87+1.32%
ETH
$3,253.71+0.09%
BNB
$584.41+1.04%
SOL
$183.35+3.55%
XRP
$0.59931056-0.92%
DOGE
$0.13465152+4.18%
CD20
$2,289.15+1.63%
TON
$6.67-0.68%
ADA
$0.41482424+1.73%
TRX
$0.13742831+0.56%
AVAX
$28.63+2.73%
WBTC
$67,945.41+1.44%
Ad
Markets

Bitcoin Stabilizes Above $40K Support; Resistance Near $45K

Buyers could respond to short-term oversold signals, although upside appears limited.

By Damanick Dantes
AccessTimeIconJan 10, 2022 at 7:37 p.m. UTC
Updated May 11, 2023 at 5:04 p.m. UTC
Bitcoin four-hour price chart shows support/resistance with RSI on bottom (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour price chart shows support/resistance with RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) selling pressure is starting to wane after last week’s price dip. The cryptocurrency is holding short-term support at around $40,000, although upside appears to be limited near $43,000-$45,000.

BTC is down about 2% over the past 24 hours, although the price action has been fairly muted over the past few days.

The relative strength index (RSI) on the four-hour chart is rising from oversold levels, which typically precedes a brief price bounce. On the daily chart, the RSI is the most oversold since Dec. 10.

Upside momentum has weakened given BTC’s two-month long downtrend. This means sellers could remain active around resistance levels.

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.