Bitcoin Momentum Strengthens Despite Short-Term Pause
BTC is holding support, similar to what occurred in late March before a 16% price rise.
Updated May 11, 2023 at 6:14 p.m. UTC
![Bitcoin four-hour chart shows support/resistance with RSI on bottom. (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/VRj8KuBwR0BBMKuvUDvcljFcgeU=/567x207/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/FZ7PC3VVHNCOJELY4S34R3MOFU.png)
Bitcoin (BTC) generated a positive momentum signal on the daily price chart, similar to what occurred in late March. That suggests buyers could remain active toward the $46,700 resistance level.
The cryptocurrency was trading around $41,900 at press time and is up 4% over the past week.
Initial resistance is seen at $42,400, where sellers were active earlier in the New York trading day. On the daily chart, however, the RSI is rising from oversold levels with stronger momentum, indicating a rise in bullish sentiment.