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

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

AccessTimeIconApr 29, 2022 at 5:44 p.m. UTC
Updated Apr 29, 2022 at 8:29 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) 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.


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.

Trending

1
CoinDesk - Unknown
First Mover Asia: Chip Maker Nvidia Isn’t an Ether Proxy, Bitcoin Holds Near $21K

Crypto mining aided Nvidia's bottom line, but it hasn't been a major cause of the stock's steep decline. Ether falls but hovers around $1,200.

CoinDesk - Unknown
2
CoinDesk - Unknown
CoinFLEX to Launch a $47M Recovery Token to Solve Withdrawal Issues

CoinFLEX said last week it was halting withdrawals amid market declines and counterparty uncertainty.

CoinDesk - Unknown
3
CoinDesk - Unknown
Solana’s Macalinao Brothers Double Down on Crypto Venture Fund

Crypto VCs told CoinDesk that building projects and investing in them is a tricky mix.

CoinDesk - Unknown
4
CoinDesk - Unknown
Ms. Crypto Goes to Washington

The Lummis-Gillibrand bill represents a mainstreaming of crypto, even if it's unlikely to pass.

CoinDesk - Unknown