Bitcoin Dips From $48K Resistance; Support at $43K

BTC is declining from overbought levels.

By Damanick Dantes

Mar 31, 2022 at 6:48 p.m. UTC

Updated Mar 31, 2022 at 7:01 p.m. UTC

BTC daily price chart shows support/resistance with RSI below (Damanick Dantes/CoinDesk, TradingView)

Alex Thorn

Head of Firmwide Research

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Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

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.

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

Alex Thorn

Head of Firmwide Research

Galaxy

Hear Alex Thorn share his take on "Bitcoin and Inflation: It’s Complicated” at Consensus 2023.

Secure Your Seat

Bitcoin (BTC) is in pullback mode after sellers responded to resistance at $48,000. The cryptocurrency could find support at $43,000 into the Asia trading day, which could stabilize the down move.

BTC was trading around $45,800 at press time and is down 3% over the past 24 hours.

The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede pullbacks in price. On the weekly chart, however, the RSI is neutral with positive momentum readings. That means buyers could remain active at lower support levels.

Still, BTC is attempting to break below a two-week long uptrend, similar to what occurred in early February, which preceded a brief price drop.

For now, buyers will need to maintain the breakout above $45,000 to yield an upside target toward $50,966.

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