Bitcoin Holding Support Above $35K-$37K, Resistance at $45K

BTC appears to be oversold on intraday charts, although momentum has weakened.

AccessTimeIconMar 7, 2022 at 6:58 p.m. UTC
Updated Mar 7, 2022 at 9:47 p.m. UTC

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.

Bitcoin (BTC) traded lower over the weekend after buyers were unable to break above the $40,000 price level. Immediate support is at $37,000, which could stabilize the pullback, although stronger support is seen at $35,000.

The cryptocurrency continues to trade in a tight price range and is down 2% over the past 24 hours to about $38,000.

Upside momentum is slowing on the daily chart, which points to further consolidation around the current price. Resistance is seen at $45,000.

The relative strength index (RSI) on the four-hour chart is rising from oversold levels, similar to what occurred during the last week of February, which preceded a price jump. Still, the RSI can remain in oversold territory for a few days before confirming an upswing (typically with a reading above 50).

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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.

CoinDesk - Unknown

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.