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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
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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.
