The cryptocurrency was trading around $41,300 at press time and is roughly flat over the past 24 hours. On intraday charts, however, BTC appears to be overbought, which could briefly stall the current upswing in price.
A series of higher price lows since Jan. 24 suggests continued buying interest around the $32,000-$37,500 support zone, which is the bottom of a year-long price range.
Still, the significant slowdown in BTC's long-term uptrend suggests upside could be limited over the next few months.
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.