Share this article
BTC
$82,757.28
+
0.33%ETH
$1,790.00
+
0.08%USDT
$0.9997
+
0.03%XRP
$2.1455
+
1.79%BNB
$593.90
+
0.42%SOL
$118.10
+
0.70%USDC
$1.0001
+
0.02%DOGE
$0.1674
-
0.34%ADA
$0.6508
-
0.48%TRX
$0.2377
-
1.31%LINK
$12.70
+
0.87%LEO
$8.9721
-
4.35%TON
$3.2479
-
4.31%XLM
$0.2544
-
1.55%AVAX
$17.96
-
0.48%SHIB
$0.0₄1216
-
0.31%SUI
$2.2033
-
0.57%HBAR
$0.1597
-
2.39%LTC
$82.52
-
0.65%OM
$6.2561
-
1.01%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Momentum Weakens; Support at $35K-$37K
BTC's trading range could persist into the following week.
Bitcoin (BTC) is testing support around its 100-week moving average, although upside momentum has slowed over the past month. The cryptocurrency could remain in a wide trading range until a decisive breakout or breakdown occurs.
BTC is on track for an 18% decline this month and is down about 40% from its all-time high of around $69,000 reached in November.
STORY CONTINUES BELOW
Most technical indicators are neutral on the daily and weekly chart and bearish on the monthly chart. That could increase the risk of a breakdown in price, especially if support at $37,500 fails to hold.
A series of higher price lows since Jan. 24 has supported buying activity on dips. Still, resistance at $46,710 has capped rallies over the past three months.
For now, BTC is on watch for a countertrend reversal signal next week, per the DeMARK indicators, which typically precedes a brief 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.
