Bitcoin Strengthens Above $43K; Resistance at $46K-$51K
Momentum signals are on the verge of turning positive for the first time since August 2021.
Bitcoin (BTC) continues to gather upside momentum after breaking above minor resistance at $43,500. The cryptocurrency could see further upside toward $46,700, a price level where prior rallies have stalled.
BTC was trading around $44,000 at press time and is up 4% over the past 24 hours.
The relative strength index (RSI) on the daily chart is not yet overbought, which means buyers could remain active into the Asia trading day. On the weekly chart, the RSI is neutral, which typically supports an upswing in price, albeit within a year-long trading range between $30,000 and $68,000.
Further, momentum signals are a few days away from turning positive on the weekly chart for the first time since August 2021. That could encourage short-term price strength, consistent with relief rallies in equities.
Still, upside could be limited around the $51,000 resistance level, especially given negative momentum signals on the monthly chart.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.