Bitcoin Holding Support Above $37K; Resistance at $43K
BTC's price range could persist for another week.
Apr 25, 2022 at 6:14 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YPL7EEW6YRDL7JAZVQK5OIMGC4.png)
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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 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.