Bitcoin Returns to Range Below $40K; Support at $35K-$37K
Pullbacks could stabilize into the Asia trading day.
Mar 10, 2022 at 7:05 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LZSPEJYZPVFKZDKGCTN2EGXTYQ.png)
Bitcoin four-hour chart shows support/resistance, with RSI on bottom. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) turned lower after approaching resistance near $40,000. The cryptocurrency remains in a tight trading range, although support between $35,000 and $37,000 could stabilize pullbacks into the Asia trading day.
BTC was trading around $39,000 at press time and is down 6% over the past 24 hours.
The relative strength index (RSI) on the four-hour chart declined from overbought levels, which preceded a pullback in price. On the hourly chart, the RSI is oversold, suggesting brief periods of buying activity could occur.
Still, negative momentum signals on the monthly chart points to limited upside for BTC. The current range could persist until a decisive breakout or breakdown is confirmed.
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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.
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