Bitcoin Takes a Breather; Support at $37K-$40K
Intraday charts show downside exhaustion, which could encourage short-term buying.
Updated May 11, 2023 at 3:44 p.m. UTC
![Bitcoin daily chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/dfp3UiLvHNfW1fc7FV5ftHLrCW0=/567x375/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZHNLIDPFLREVJPX3ODYULDCT64.png)
Bitcoin (BTC) extended its pullback from the $45,000 resistance level, although initial support at $40,000 could stabilize the down move.
The cryptocurrency was trading at $42,200 at press time and is down 4% over the past 24 hours.
Buyers will need to keep BTC above the $37,000 breakout level to sustain the recovery phase. Further, if momentum builds, a decisive move above $46,000 could yield further upside targets toward $50,000.
Intraday charts are showing initial signs of downside exhaustion, which could encourage short-term buying into the Asian trading day.