Bitcoin Weighed Down by $46K Resistance; Support at $35K-$40K
Upside appears limited as buyers lose momentum.
Feb 14, 2022 at 7:21 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2OOH32QQBNEAFELP65EAZPS7JE.png)
Bitcoin daily price chart shows nearby resistance (Damanick Dantes/CoinDesk, TradingView)
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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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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