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Markets

Bitcoin Reverses Earlier Dip, Resistance Stands at $46K

BTC is approaching overbought levels, although pullbacks could stabilize at between $40K and $43K.

By Damanick Dantes
AccessTimeIconFeb 10, 2022 at 6:34 p.m. UTC
Updated May 11, 2023 at 6:34 p.m. UTC
Bitcoin daily price chart shows nearby resistance levels (Damanick Dantes/CoinDesk, TradingView)
Bitcoin daily price chart shows nearby resistance levels (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) has traded in a choppy range at between $43,249 and $45,843 over the past 24 hours.

Buyers reacted quickly to a nearly 5% price drop early in the New York trading session and maintained short-term support at above $43,000.

The next level of resistance is at $46,710, which represents a 38% retracement of the previous two month-long downtrend. Buyers could start to exit positions as BTC approaches resistance heading into the Asia trading session.

For now, momentum signals are improving on intraday charts, although price action is very volatile following the U.S. inflation report. Stronger resistance is seen at $50,000 if buyers sustain short-term momentum.

BTC was trading at about $45,000 at press time, and pullbacks could stabilize in the $40,000-$43,000 range.

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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.