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Bitcoin Bounce Stalls, Resistance Between $44K and $46K
Buyers could remain active at lower support levels, particularly at $40K.
Bitcoin (BTC) rallied 13% over the past week as bearish sentiment waned. The cryptocurrency, however, faces immediate resistance at $44,000 to $46,000, which could stall the price recovery over the short term.
BTC was trading at around $43,800 at press time and is up 6% over the past 24 hours.
STORY CONTINUES BELOW
The relative strength index (RSI) on the four-hour chart is overbought, similar to what occurred in early February, which preceded a pullback in price. This time, however, there has been a significant loss of downside momentum, which means buyers could remain active at lower support.
For now, bitcoin is stuck in a range of between $37,000 and $46,000, pointing to a potential reversal of a three-month long downtrend. That means buying volume will need to increase on pullbacks in order to cause a shift in trends.
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.
