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.
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