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Bitcoin Consolidates Above $40K Support, Resistance at $45K
Indicators show a period of consolidation could persist given strong resistance above $45K.
Bitcoin (BTC) 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
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- 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.
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.
