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Bitcoin Stalls Below $48K Resistance; Support at $40K-$43K
The current pullback appears to be temporary ahead of seasonal strength.
Bitcoin (BTC) is stuck in a tight range, albeit with occasional price swings. The cryptocurrency is approaching a support zone between $40,000 and $43,000, which could stabilize the pullback.
Resistance at $48,000 and $50,000 have capped price rallies over the past four months, which means sellers are in control. Meanwhile, there has been a significant loss of downside momentum, suggesting that buyers could remain active at lower support levels.
STORY CONTINUES BELOW
On the weekly chart, the relative strength index (RSI) dipped below the 50 neutral level. That reflects a slight loss of upside momentum since BTC's breakout above $40,000 on March 28.
Still, the current pullback appears to be temporary, similar to what occurred in September of last year. This time, however, speculative assets such as stocks and cryptos are entering a seasonally strong period in April and May, which could attract short-term buyers.
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.
