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Bitcoin Stalls Near Resistance; Lower Support at $40K

Overbought signals on intraday charts preceded the current pullback.

By Damanick Dantes
AccessTimeIconFeb 8, 2022 at 7:56 p.m. UTC
Updated May 11, 2023 at 4:59 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)
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Bitcoin (BTC) reached a high of $45,488 over the past 24 hours, near a key resistance zone that preceded the current pullback. The cryptocurrency could find lower support at $40,000 into the Asia trading day.

The relative strength index (RSI) on the four-hour chart is declining from overbought territory, similar to what occurred in late December amid a short-term downtrend. This time, however, bitcoin has broken above previous resistance levels, which means the current pullback could stabilize soon.

One concern is the low conviction among buyers, evidenced by low trading volume during the recent price rally. Low volume rallies typically result in pullbacks or range-bound trading before a more definitive price bottom is confirmed.

VolumeMuteUnmute

Bitcoin was trading around $43,000 at press time and is down 2% over the past 24 hours.

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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.

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