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Bitcoin Holding Support Above $37K; Resistance at $43K

BTC's price range could persist for another week.

By Damanick Dantes
AccessTimeIconApr 25, 2022 at 6:14 p.m. UTC
Updated May 11, 2023 at 6:17 p.m. UTC
Bitcoin daily chart shows upper resistance (Damanick Dantes/CoinDesk, TradingView)

Bitcoin daily chart shows upper resistance (Damanick Dantes/CoinDesk, TradingView)

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Bitcoin (BTC) is stabilizing after a 3% decline over the past week. Short-term buyers have returned around the $37,500 support level, although resistance at $43,000 could stall an upswing in price.

BTC was trading around $39,400 at press time and is roughly flat over the past 24 hours.

Momentum signals remain neutral on the charts, which typically precedes a period of rangebound price action, similar to what occurred between May and July of last year.

BTC is roughly two weeks away from registering a countertrend bullish signal, per the DeMARK indicators. If confirmed, buyers could begin to accumulate ahead of a seasonally strong period in May.

Still, bearish signals on the monthly chart suggests limited upside for BTC beyond the $50,966 resistance level.


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Damanick Dantes
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.

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