Share this article
BTC
$78,324.65
-
3.04%ETH
$1,552.31
-
7.84%USDT
$0.9995
-
0.01%XRP
$1.8932
-
7.02%BNB
$552.97
-
1.97%USDC
$1.0000
-
0.01%SOL
$106.39
-
4.55%DOGE
$0.1476
-
6.12%TRX
$0.2277
-
4.01%ADA
$0.5753
-
5.50%LEO
$8.9417
-
1.00%TON
$3.0252
-
6.44%LINK
$11.36
-
4.34%XLM
$0.2311
-
6.89%AVAX
$16.81
+
0.75%SHIB
$0.0₄1135
-
2.35%SUI
$2.0186
-
0.34%HBAR
$0.1477
-
0.04%OM
$6.2673
+
3.54%BCH
$274.73
-
5.58%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Holds Short-Term Support; Faces Resistance at $41K
Upside momentum has been weak, which means the corrective phase from May is not yet complete.
Bitcoin (BTC) stabilized around $38,000 support on Wednesday but upside appears limited towards $41,000. The choppy range over the past few days suggests indecision between buyers and sellers.
STORY CONTINUES BELOW
A breakout from the trading range would yield an upside target towards the next resistance level around $45,000. However, upside momentum has been weak, which means the corrective phase from May is not yet complete.
Bitcoin was trading around $39,200 at press time and is up 7% over the past seven days.
- The relative strength index (RSI) on the four-hour chart is neutral after signaling an overbought downturn on Monday.
- The short-term trend is improving as price remains above the 100-period moving average on the four-hour chart.
- Support around $37,000 and $34,000 could stabilize a potential pullback. However, there is strong resistance between $41,000 and $45,000.
- The weekly chart is not yet oversold, which suggests limited upside and an extended period of consolidation.
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.
