Bitcoin Stabilizes Above $40K; Resistance at $43K-$46K

The recovery phase remains intact, albeit within a wide trading range.

AccessTimeIconApr 19, 2022 at 5:26 p.m. UTC
Updated May 11, 2023 at 6:17 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) returned above $40,000, which is the midpoint of its three-month long price range. Still, the cryptocurrency faces initial resistance at $43,500, which could stall the current upside in price.

BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.

The relative strength index (RSI) on intraday charts is approaching overbought levels, similar to what occurred in late-March, which preceded a pullback in price. On the daily chart, however, the RSI is neutral, which means buyers could remain active at support.

For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact. Further, a series of higher price lows since Jan. 24 indicates a slowdown in selling pressure, albeit with 20% price swings.

Momentum signals on the weekly chart are still positive, which could point to additional upside toward the $46,710 resistance level over the intermediate term.

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.