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Bitcoin Strengthens Above $43K; Resistance at $46K-$51K
Momentum signals are on the verge of turning positive for the first time since August 2021.
Bitcoin (BTC) continues to gather upside momentum after breaking above minor resistance at $43,500. The cryptocurrency could see further upside toward $46,700, a price level where prior rallies have stalled.
BTC was trading around $44,000 at press time and is up 4% over the past 24 hours.
STORY CONTINUES BELOW
The relative strength index (RSI) on the daily chart is not yet overbought, which means buyers could remain active into the Asia trading day. On the weekly chart, the RSI is neutral, which typically supports an upswing in price, albeit within a year-long trading range between $30,000 and $68,000.
Further, momentum signals are a few days away from turning positive on the weekly chart for the first time since August 2021. That could encourage short-term price strength, consistent with relief rallies in equities.
Still, upside could be limited around the $51,000 resistance level, especially given negative momentum signals on the monthly chart.
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.
