Bitcoin Recovering Between $40K Support and $46K Resistance

BTC trading volume is ticking higher as buyers defend intraday support levels.

Feb 9, 2022 at 7:52 p.m. UTC
Updated Feb 9, 2022 at 9:43 p.m. UTC

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

Bitcoin (BTC) is recovering from a slight pullback on Wednesday as buyers maintain intraday support levels. The cryptocurrency was trading around $44,600 at press time and could face resistance at $46,800.

BTC is up 3% over the past 24 hours and spot trading volume is starting to rise, albeit still below January highs, according to CoinDesk data.

For now, technical indicators are improving and do not signal extreme overbought conditions. That could keep buyers active into the Asian trading day so long as immediate support at $42,000 holds.

The downward sloping 50-day moving average, currently at $42,689 is gradually turning upward, which could indicate a bullish shift. Still, upside appears limited given negative momentum on longer-term charts.

UPDATE (Feb. 9 20:05 UTC): Corrects day of the week in first paragraph.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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