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Bitcoin Attempts Range Breakout, Faces Resistance at $42K
Bitcoin is attempting to break out of a monthslong range but faces resistance at $40K-$42K.
Bitcoin (BTC) held support at around $34,000 over the weekend and is approaching resistance at $40,000-$42,000. The world's largest cryptocurrency has been consolidating for nearly a month as buyers established a solid base at $30,000.
STORY CONTINUES BELOW
A breakout from the range would yield further upside toward $50,000. Sellers, however, remain in control given the strong overhead resistance.
Bitcoin was trading at about $39,300 at press time, up about 9% over the past 24 hours.
- The short-term trend is improving as prices returned above the 100-period moving average on the four-hour chart.
- There is immediate resistance at $40,000, which could limit upside, especially as the relative strength index (RSI) appears to be overbought on the four-hour chart.
- Minor support is seen at around $34,000, which is the midpoint of the short-term range. If support holds, a decisive breakout above $42,000 could shift the downtrend from May.
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.
