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Bitcoin Holds Support Above $40K; Initial Resistance at $46K

Buyers remain active on pullbacks, keeping support levels intact.

By Damanick Dantes
AccessTimeIconMar 23, 2022 at 6:04 p.m. UTC
Updated May 11, 2023 at 4:55 p.m. UTC
Bitcoin four-hour price chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour price chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
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Bitcoin (BTC) pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level. There is room for additional upside, although resistance at $46,700 could stall the price bounce.

The cryptocurrency was trading around $42,300 at press time and is roughly flat over the past 24 hours.

Bitcoin's trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month long downtrend.

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Elsewhere, the recent outperformance in alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin indicates bullish sentiment among traders. That means higher trading ranges are expected over the short term.


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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
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.

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