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Bitcoin Bounces From $37K Support; Resistance at $40K-$43K
BTC remains in a tight trading range with a loss of upside momentum.
Bitcoin (BTC) held support at $37,500 following a 5% decline over the past week.
Selling pressure appears to be stabilizing over the short term, although upside momentum could slow around the $40,000-$43,000 resistance zone.
STORY CONTINUES BELOW
BTC was trading around $39,000 at press time and is up by 2% over the past 24 hours. Buyers will need to keep prices elevated above $40,000 in order to sustain the recovery phase.
Still, there has been a slight loss of upside momentum over the past few days, which means BTC will likely remain in a tight trading range until a breakout or breakdown is confirmed. For now, most technical indicators are neutral.
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.
