Share this article
BTC
$85,129.57
+
2.18%ETH
$1,607.69
+
4.02%USDT
$0.9997
-
0.03%XRP
$2.0985
+
1.77%BNB
$591.63
+
2.63%SOL
$135.45
+
8.44%USDC
$0.9998
-
0.02%TRX
$0.2502
-
0.33%DOGE
$0.1587
+
5.03%ADA
$0.6287
+
5.41%LEO
$9.0502
-
3.13%LINK
$12.63
+
5.61%AVAX
$19.44
+
4.66%TON
$2.9833
+
5.99%XLM
$0.2419
+
4.53%SHIB
$0.0₄1197
+
3.66%SUI
$2.1527
+
5.97%HBAR
$0.1644
+
6.50%BCH
$333.95
+
5.75%LTC
$76.17
+
3.49%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Upside Stalls; Lower Support at $38K-$40K
Bitcoin is up about 20% over the past week, compared to a 25% rise in ether, the world’s second-largest cryptocurrency by market value.
Bitcoin (BTC) is roughly flat over the past 24 hours as the rally near $45,000 appears exhausted. Short-term overbought signals could encourage profit-taking, although buyers will likely return around the $38,000 to $40,000 support zone.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bitcoin is up about 20% over the past week, compared to a 25% rise in ether (ETH), the world’s second-largest cryptocurrency by market value.
- The relative strength index (RSI) on the four-hour chart registered lower highs and is declining from overbought territory. Typically, short-term overbought signals precede price declines of about 5% to 10%.
- Initial support is seen at the $40,000 breakout level, which resolved a two-month consolidation to the upside.
- Bitcoin will need to hold above the 200-day moving average, currently around $45,000, to confirm a reversal of the intermediate-term downtrend since April.
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.
