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

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

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

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.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

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.

CoinDesk - Unknown

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.