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Bitcoin Stalls Below $40K Resistance, Support at $30K-$32K
BTC is at risk of a breakdown as price momentum slows.
Bitcoin (BTC) continues to hold support above $37,500, but could face higher volatility over the next few days.
The cryptocurrency was trading at about $38,000 at press time and is roughly flat over the past 24 hours and over the past week. That indicates indecision among traders – a common theme so far this year.
STORY CONTINUES BELOW
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Momentum signals have weakened on daily, weekly and monthly charts, which increases the chance of a breakdown in price. Lower support is seen at around $30,000-$32,000, which could stabilize pullbacks over the short term.
Still, other technical indicators are neutral, which means intraday buying could be short-lived. There is strong resistance at $46,700 that could cap upside moves, similar to what occurred in late March.
The relative strength index (RSI) on the daily chart has remained below 50 (a neutral reading) over the past month. The last time the RSI sustained low readings was last November and December, which preceded a price drop below $46,000.
For now, buyers have failed to maintain consecutive weekly closes above $40,000, which is the midpoint of a three-month price range.
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.
