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.

AccessTimeIconApr 26, 2022 at 5:57 p.m. UTC
Updated Apr 26, 2022 at 6:16 p.m. UTC

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.

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.


DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

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.

CoinDesk - Unknown

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.

CoinDesk - Unknown

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.