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Bitcoin Momentum Weakens; Support at $35K-$37K

BTC's trading range could persist into the following week.

By Damanick Dantes
AccessTimeIconApr 29, 2022 at 5:44 p.m. UTC
Updated May 11, 2023 at 3:52 p.m. UTC
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Bitcoin (BTC) is testing support around its 100-week moving average, although upside momentum has slowed over the past month. The cryptocurrency could remain in a wide trading range until a decisive breakout or breakdown occurs.

BTC is on track for an 18% decline this month and is down about 40% from its all-time high of around $69,000 reached in November.

Most technical indicators are neutral on the daily and weekly chart and bearish on the monthly chart. That could increase the risk of a breakdown in price, especially if support at $37,500 fails to hold.

A series of higher price lows since Jan. 24 has supported buying activity on dips. Still, resistance at $46,710 has capped rallies over the past three months.

For now, BTC is on watch for a countertrend reversal signal next week, per the DeMARK indicators, which typically precedes a brief upswing in price.


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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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