Bitcoin
$63,924.85+0.32%
Ethereum
$3,134.18+0.02%
Binance Coin
$589.63+0.53%
Solana
$152.72+4.57%
XRP
$0.53262036+0.75%
Dogecoin
$0.16067162+0.02%
Toncoin
$5.97+3.56%
Cardano
$0.46275476+1.31%
Avalanche
$38.11+3.20%
Shiba Inu
$0.00002460-0.18%
Tron
$0.11900731-1.87%
Wrapped Bitcoin
$63,810.75+0.08%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Countdown to ConsensusThe largest and longest running event that covers all sides of crypto and Web3
22
DAYS
23
HR
34
MIN
00
SEC
Markets

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

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

By Damanick Dantes
AccessTimeIconFeb 28, 2022 at 6:58 p.m. UTC
Updated May 11, 2023 at 6:16 p.m. UTC
Bitcoin four-hour chart shows support/resistance. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour chart shows support/resistance. (Damanick Dantes/CoinDesk, TradingView)
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

VolumeMuteUnmute

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.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.