Bitcoin Stalls Below $48K Resistance; Support at $40K-$43K

The current pullback appears to be temporary ahead of seasonal strength.

AccessTimeIconApr 8, 2022 at 6:08 p.m. UTC
Updated May 11, 2023 at 6:15 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) is stuck in a tight range, albeit with occasional price swings. The cryptocurrency is approaching a support zone between $40,000 and $43,000, which could stabilize the pullback.

Resistance at $48,000 and $50,000 have capped price rallies over the past four months, which means sellers are in control. Meanwhile, there has been a significant loss of downside momentum, suggesting that buyers could remain active at lower support levels.

On the weekly chart, the relative strength index (RSI) dipped below the 50 neutral level. That reflects a slight loss of upside momentum since BTC's breakout above $40,000 on March 28.

Still, the current pullback appears to be temporary, similar to what occurred in September of last year. This time, however, speculative assets such as stocks and cryptos are entering a seasonally strong period in April and May, which could attract short-term buyers.



Disclosure

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

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 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.


Learn more about Consensus 2024, 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.