Bitcoin Weighed Down by $48K Resistance; Support at $43K
Short-term momentum turned negative, which typically occurs during the first week of the month.
Apr 4, 2022 at 6:17 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/JSCHFUJUDFE3NC7DWCO6OWY3C4.png)
Bitcoin daily price chart shows support/resistance levels. (Damanick Dantes/CoinDesk, TradingView)
Bitcoin (BTC) dipped below $46,000 on Monday, indicating a loss of upside momentum.
Price action was choppy over the weekend after buyers failed to approach the $48,000 resistance level. That points to continued price weakness, especially as momentum signals on the daily chart turned negative, similar to what occurred during the first week of February and March.
Support at $43,000 could stabilize the pullback, which is near the March 25 breakout level. Still, BTC will need to break above the 200-day moving average, currently at $48,286, in order to yield upside targets beyond the $50,966 resistance level.
For now, momentum signals remain positive on the weekly chart, which means downside could be limited.
BTC was trading around $45,200 at press time and is down 2% over the past 24 hours.
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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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