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Bitcoin Pullback Deepens, Support at $37K

BTC's current pullback is similar to what occurred in September of last year, albeit with weak price momentum.

By Damanick Dantes
AccessTimeIconApr 26, 2022 at 5:57 p.m. UTC
Updated May 11, 2023 at 4:50 p.m. UTC
Bitcoin daily price chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin daily price chart shows support/resistance (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) extended its decline on Tuesday, although support at $37,500 could stabilize the down move.

The cryptocurrency is attempting to maintain a series of higher price lows since Jan. 24, which typically coincides with rising price momentum. This time, however, a bearish setup on the monthly chart could increase the risk of a breakdown in price.

Buyers will need to keep BTC elevated above $40,000, the midpoint of a three-month price range, in order to sustain the current recovery phase.

BTC's current pullback is similar to what occurred in September of last year, when buyers began to take profits around the $46,000-$50,000 resistance zone. Still, unlike the current situation, last year's rally above $40,000 benefited from positive long-term momentum.

For now, BTC's wide trading range could continue for another week until a decisive breakout or breakdown is confirmed.


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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 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.