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Bitcoin Takes a Breather; Support at $37K-$40K
Intraday charts show downside exhaustion, which could encourage short-term buying.
Bitcoin (BTC) extended its pullback from the $45,000 resistance level, although initial support at $40,000 could stabilize the down move.
The cryptocurrency was trading at $42,200 at press time and is down 4% over the past 24 hours.
STORY CONTINUES BELOW
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Buyers will need to keep BTC above the $37,000 breakout level to sustain the recovery phase. Further, if momentum builds, a decisive move above $46,000 could yield further upside targets toward $50,000.
Intraday charts are showing initial signs of downside exhaustion, which could encourage short-term buying into the Asian trading day.
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.
