Bitcoin Holding Support; Resistance at $43K

The current price action is similar to what occurred in 2018-2019.

AccessTimeIconApr 28, 2022 at 6:01 p.m. UTC
Updated May 11, 2023 at 5:02 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) remains in a tight trading range with support at $37,500 and initial resistance at $43,000.

The cryptocurrency was trading around $39,000 at press time and is down 2% over the past week. BTC appears to be stabilizing on intraday charts, although upside could be limited into the Asia trading day.

Momentum signals have weakened over the past week, which typically precedes a period of flat to negative price action. For now, buyers have kept prices anchored around the $40,000 price level, albeit unwilling to decisively break above the $46,710 resistance level over the past three months.

A negative reading on weekly momentum indicators is on watch, which could increase the chance of a price breakdown.

Still, BTC is a few days away from registering a bullish countertrend signal, per the DeMARK indicators, which could delay the formation of an intermediate-term downtrend.

The current price action is similar to what occurred in 2018 and 2019, which was a long period of choppy trading and relatively low returns, similar to equities. At that point, the bitcoin price range was roughly $6,000 to $9,000.

Disclosure

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

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 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.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.