Share this article
Bitcoin Consolidates Above $40K Support, Resistance at $45K
Indicators show a period of consolidation could persist given strong resistance above $45K.
Updated May 11, 2023, 4:33 p.m. Published Sep 29, 2021, 11:16 a.m.
is attempting to break above a series of lower price highs over the past few days, although upside appears to be limited toward the $45,000 resistance level. Buyers continue to defend support at $40,000, suggesting pullbacks are limited over the short term.
BTC was trading at around $42,000 at press time and is roughly flat over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) on the hourly chart is not yet overbought, which could encourage short-term buying in the $40,000-$45,000 price range.
- On the daily and weekly charts, the RSI is near neutral territory as upside momentum significantly slowed over the past month.
- Indicators show a period of consolidation could persist in the intermediate term given strong resistance beyond $45,000.
More For You
More For You
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
