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Bitcoin Holding Above $40K, Resistance at $46K
The four-month-long downtrend could be nearing an end.
Bitcoin (BTC) buyers remain active after maintaining support at $37,000 over the past two weeks. The cryptocurrency is up 7% over the past week and could see further upside toward the $43,000-$46,000 resistance zone.
BTC was trading at around $41,500 at press time and is up 2% over the past 24 hours.
STORY CONTINUES BELOW
Short-term momentum signals have turned upward, especially after a downside exhaustion signal appeared on March 7. Further, the relative strength index (RSI) on the daily chart is rising above oversold levels (above 50), suggesting the four-month-long downtrend in price is nearing an end.
Still, there is significant overhead resistance on the charts, which could stall the current price bounce.
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.
