Bitcoin Holds Support Above $35K; Resistance Near $40K
BTC is stabilizing between $30K and $40K as oversold conditions remain intact.
Updated May 11, 2023 at 6:25 p.m. UTC
![Bitcoin weekly price chart shows support/resistance, with RSI on bottom. (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/1pkITZyysxZZT4faqMUfhGQfP6k=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/35PY5RSCOJAIPA7IDKNLKK37TI.png)
Still, longer-term indicators are neutral/bearish, which could limit upside at the $40,000-$43,000 resistance zone.
On the daily chart, the RSI has risen from oversold levels since Jan. 22, which could attract short-term buyers.
For confirmation, traders could monitor the Nasdaq 100 Index of stocks, which has short-term support at $14,000. An oversold bounce in traditional markets could be a near-term positive for crypto prices as correlations rise.