Bitcoin (BTC) is trading in a choppy range after the US inflation report. The cryptocurrency is up 2% over the past 24 hours and faces resistance at $46K, which could limit upside over the short-term.Read MoreFeedzy
Bitcoin (BTC) has traded in a choppy range at between $43,249 and $45,843 over the past 24 hours.
Buyers reacted quickly to a nearly 5% price drop early in the New York trading session and maintained short-term support at above $43,000.
The next level of resistance is at $46,710, which represents a 38% retracement of the previous two month-long downtrend. Buyers could start to exit positions as BTC approaches resistance heading into the Asia trading session.
For now, momentum signals are improving on intraday charts, although price action is very volatile following the U.S. inflation report. Stronger resistance is seen at $50,000 if buyers sustain short-term momentum.
BTC was trading at about $45,000 at press time, and pullbacks could stabilize in the $40,000-$43,000 range.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
