Bitcoin Holding Above $40K, Resistance at $46K
The four-month-long downtrend could be nearing an end.
Updated May 11, 2023 at 3:57 p.m. UTC
![Bitcoin daily price chart shows support/resistance levels (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/3zdjnif0hoDM2TvRz1rUa9hxbL8=/567x273/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/HJXEDXQWKNA6FLRKF52V3OKF7Y.png)
BTC was trading at around $41,500 at press time and is up 2% over the past 24 hours.
Short-term momentum signals have turned upward, especially after a downside exhaustion signal appeared on March 7. Further, the relative strength index (RSI) on the daily chart is rising above oversold levels (above 50), suggesting the four-month-long downtrend in price is nearing an end.
Still, there is significant overhead resistance on the charts, which could stall the current price bounce.