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Bitcoin Capped Below $40K Resistance; Support at $35K
Buyers have consistently lost ground to sellers.
Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.
The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.
STORY CONTINUES BELOW
At press time the bitcoin price was $36,506, down 3% over the past 24 hours, based on CoinDesk pricing.
Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.
Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.
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.
