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Bitcoin Stuck Below $40K Resistance; Support at $33K
Upside remains limited given the intermediate-term downtrend.
Bitcoin (BTC) failed to sustain a brief price rise from $32,900 to $39,000 over the past few days. The cryptocurrency is trading in a tight range on intraday charts, and technical indicators are mostly neutral over the short term.
BTC was trading around $36,000 at press time and is down 5% over the past 24 hours.
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Price action has remained below a downward-sloping 100-day moving average on the four-hour chart over the past few weeks, which indicates strong selling pressure. So far, oversold signals have preceded brief price rises, suggesting limited upside ahead given the persistent downtrend since November 2021.
For now, buyers will need to hold support between $30,000 and $37,000 in order to stabilize the pullback.
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.
