Bitcoin Drops Below $43K; Support at $35K-$40K

Technical indicators are neutral, although oversold conditions could keep short-term buyers active.

AccessTimeIconFeb 11, 2022 at 7:38 p.m. UTC
Updated May 11, 2023 at 3:54 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) sellers were active after buyers failed to sustain a break above $45,0000 this week. The cryptocurrency is down 4% over the past 24 hours, although initial support at $40,000 could stabilize the pullback.

The relative strength index (RSI) on the daily chart approached oversold territory on Wednesday, which preceded the recent downturn in price. On the weekly chart, however, the RSI is rising from oversold levels similar to what occurred in March 2020, which could keep buyers active over the short term.

Momentum indicators improved on the weekly chart after BTC rose 4% over the past seven days. That suggests a neutral outlook so long as support holds above $35,000-$40,000 over the weekend.

Still, the monthly chart appears bearish similar to July 2018, which was the middle of a crypto bear market.

Disclosure

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

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 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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.