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Bitcoin Stabilizes at $40K Support, Resistance at $43K-$47K
Selling pressure could fade over the next few days.
Bitcoin (BTC) returned to above $40,000 on Tuesday as buyers reacted to short-term oversold signals. The cryptocurrency could face additional price swings within its two-month-long range of between $37,500 support and $47,000 resistance.
BTC is roughly flat over the past 24 hours and down 12% over the past week. For now, technical indicators suggest the pullback could stabilize over the next few days.
STORY CONTINUES BELOW
The relative strength index (RSI) on the daily chart is near oversold levels, which means buyers could remain active heading into the Asia trading day. Further, positive momentum signals on the weekly chart suggests pullbacks will remain brief this month.
Stronger resistance is seen at $50,966, which could limit an upswing in price.
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.
