Bitcoin Weighed Down by $48K Resistance; Support at $43K

Short-term momentum turned negative, which typically occurs during the first week of the month.

AccessTimeIconApr 4, 2022 at 6:17 p.m. UTC
Updated Apr 4, 2022 at 8:08 p.m. UTC

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.

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

CoinDesk - Unknown

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.

CoinDesk - Unknown

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.

Trending

1
CoinDesk - Unknown
CoinShares Completes Napoleon Acquisition, Can Now Offer Products Across EU

The acquisition of Napoleon Asset Management was subject to approval by the AMF, which was granted on June 28.

CoinDesk - Unknown
2
CoinDesk - Unknown
Coinbase Says Miners’ Sales of Newly Minted Bitcoins Don’t Add Significant Market Pressure

If all newly issued bitcoin were immediately sold onto the market each day, it would equate to only 900 BTC of selling pressure, the report said.

CoinDesk - Unknown
3
CoinDesk - Unknown
WonderFi Closes Acquisition of Crypto Trading Platform Coinberry

The Canadian crypto firm says it's open to more deals for firms hit by the crypto winter.

CoinDesk - Unknown
4
CoinDesk - Unknown
Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report

Withdrawals are still paused and the company has hired restructuring experts as it faces a financial crisis.

CoinDesk - Unknown