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Bitcoin Declines Toward Support at $44K-$45K as Analysts Await Price Bounce
Some price-chart indicators show the potential for a short-term bounce if support holds.
Bitcoin (BTC) was declining toward the $44,000-$45,000 support zone at the time of writing and is roughly flat over the past 24 hours. Indicators suggest a possible price bounce, albeit limited toward the $55,000 resistance level.
BTC has been stuck in a month-long trading range after a near 20% crash in early December discouraged some buyers. Since then, the relative strength index (RSI) signaled a few oversold readings, although price gains have been muted compared to prior signals.
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Katie Stockton, managing partner at Fairlead Strategies, a technical research firm, also noticed counter-trend signals which typically precede a price bounce.
A daily price close above $46,334 (at 8 p.m. ET) would confirm a positive signal, which would increase the possibility of a rise toward $55,644, according to Stockton.
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.
