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Bitcoin Weighed Down by $46K Resistance; Support at $35K-$40K

Upside appears limited as buyers lose momentum.

By Damanick Dantes
AccessTimeIconFeb 14, 2022 at 7:21 p.m. UTC
Updated May 11, 2023 at 4:59 p.m. UTC
Bitcoin daily price chart shows nearby resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin daily price chart shows nearby resistance (Damanick Dantes/CoinDesk, TradingView)
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Bitcoin (BTC) was roughly flat over the weekend as price momentum continued to slow.

The cryptocurrency remains stuck below the $46,000 resistance level, although lower support at $35,000 and $40,000 could stabilize pullbacks over the short term.

The 50-day moving average was unable to demonstrate a positive slope over the past week, indicating continued selling strength. Indicators also approached overbought territory, which typically precede pullbacks in price, consistent with the downtrend since November.

For now, BTC upside appears to be limited as momentum signals remain negative on weekly and monthly charts.

Bitcoin was trading around $42,000 at press time and is down 3% over the past week.

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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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