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Bitcoin Fades From Resistance; Support at $37K-$40K
Pullbacks could be limited over the short term.
Bitcoin (BTC) is consolidating around the $41,000 price level amid declining trading volume.
The cryptocurrency is roughly flat over the past 24 hours, and pullbacks could be limited toward a strong support base at $37,000.
STORY CONTINUES BELOW
Further, the relative strength index (RSI) on the four-hour chart is declining from overbought levels, which reflects a loss of upside momentum. On the daily chart, the RSI is holding above the 50 neutral mark, which means buyers could remain active at lower support levels.
On the weekly chart, technical indicators are improving, similar to what occurred in August 2021, which preceded a 60% price rally. This time, however, there is negative momentum on the monthly chart, which typically precedes rangebound or negative price action. That means upside could be limited around the $46,000-$50,000 resistance zone.
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.
