Bitcoin Rises Past $40K; Resistance at $43K and $46K

The price jump reflects short-term bullish activity, although upside appears limited.

AccessTimeIconFeb 28, 2022 at 6:58 p.m. UTC
Updated May 11, 2023 at 6:16 p.m. UTC

Bitcoin (BTC) broke above the $40,000 price level on intraday charts, indicating short-term bullish activity. The cryptocurrency pared earlier losses, although immediate resistance around current levels could stall the upswing.

BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.

The two-week long downtrend registered a downside exhaustion signal on Feb. 24, per the DeMARK indicators, which typically precedes brief price rallies. Still, long-term momentum indicators are negative, pointing to limited upside around the $43,000-$46,000 resistance zone.

For now, BTC will need to remain above the 100-day moving average on the four-hour chart, currently near $40,000, to confirm upside targets. Lower support is seen at $37,000, which could stabilize pullbacks into the Asia trading day.


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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.