Bitcoin Rises Above $37K; Resistance at $40K-$43K
A decisive break above $40K is needed to pause the downtrend from November.
Updated May 11, 2023 at 3:39 p.m. UTC
Bitcoin (BTC) buyers remain active, pushing the cryptocurrency over $37,000, which is near the top of week-long price range. Still, upside could be limited around the $40,000-$43,000 resistance zone over the short term.
BTC was trading at $37,500 at press time and is up 3% over the past 24 hours.
Initial resistance is at the 100-day moving average on the four-hour chart, positioned at $40,600. Buyers will need to make a decisive move above that level to pause the downtrend from November.