Bitcoin Rally Stalls; Support at $40K, Resistance at $46K

BTC's price jump occurred on low volume, indicating weak buying strength.

AccessTimeIconFeb 15, 2022 at 6:58 p.m. UTC
Updated May 11, 2023 at 6:34 p.m. UTC
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Bitcoin (BTC) rose as much as 4% over the past 24 hours after buyers held support at $40,000. The cryptocurrency was trading near $44,000 at press time and appears to be overbought on intraday charts.

Pullbacks could be limited around $40,000 over the short term.

The latest rally occurred on low volume, similar to previous price jumps, indicating weak buying strength. Still, the relative strength index (RSI) on the daily chart is not yet overbought, which could keep buyers active on dips.

The RSI on the weekly chart continues to rise from the most oversold level since March 2020, which preceded a strong price rally. Momentum signals are also improving on the weekly chart, which is constructive so long as support above $30,000-$40,000 holds.

On the monthly chart, however, momentum signals remain negative, suggesting limited upside for BTC around $46,000-$50,000.


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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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