Bitcoin Range-Bound Above $35K-$37K Support; Resistance at $40K

The sideways price range could result in higher volatility over the next two weeks.

AccessTimeIconMar 14, 2022 at 6:19 p.m. UTC
Updated May 11, 2023 at 3:57 p.m. UTC

Bitcoin (BTC) remains in a tight trading range, although buyers maintained support at $37,500 over the weekend. Still, the cryptocurrency faces strong resistance beyond $40,000, which could limit additional upside over the short term.

BTC was trading at $38,700 at press time and is roughly flat over the past 24 hours.

The downward sloping 100-day moving average has kept the four-month downtrend intact. Recent sideways trading, however, could result in volatile price swings over the next two weeks.

Buyers will need to hold support above $35,000-$37,000 in order to preserve the long-term uptrend.


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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.