Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

Buyers could remain active into the Asia trading day as momentum improves.

By Damanick Dantes

Jan 19, 2022 at 7:26 p.m. UTC

Updated Jan 19, 2022 at 7:29 p.m. UTC

Bitcoin four-hour price chart shows support/resistance and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

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.

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

Bitcoin (BTC) continues to hold support above $40,000 as momentum improves on intraday charts.

The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day. As of press time Wednesday, bitcoin was changing hands at $41,822.

Still, upside appears to be limited toward the $43,000-$45,000 resistance zone. And $48,000 could present another hurdle for buyers given the series of lower price highs since November.

The relative strength index (RSI) on the four-hour chart approached an oversold level on Tuesday, similar to what occurred on Jan. 5, which preceded a near 10% price bounce a few days later.

On the daily chart, the RSI has remained in oversold/neutral territory for about a month, which is common during a price downtrend.

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.

Damanick Dantes

Learn more about Consensus 2023, 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.

Damanick Dantes