Bitcoin Rangebound; Initial Support at $40K

Indicators are neutral as BTC's latest price jump pauses.

AccessTimeIconFeb 16, 2022 at 6:59 p.m. UTC
Updated May 11, 2023 at 4:59 p.m. UTC

Bitcoin (BTC) was trading in a tight range between $43,000 and $44,000 over the past 24 hours. Support is nearby, which could limit pullbacks over the short term.

Buyers will need to maintain a price floor above $40,000 to sustain the uptrend from $36,000 that occurred on Feb. 3. Intraday charts appear overbought, however, which could stall the upside, similar to what occurred last week.

For now, the 50-day moving average on the four-hour chart has flattened, indicating a pause in upside momentum. Resistance remains at $46,000, and if buyers fail to maintain current levels, a dip toward $35,000 seems likely.


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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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