Categories: Bitcoin Latest News

Bitcoin Holds Support Above $40K; Initial Resistance at $46K

Bitcoin (BTC) is holding above $42K as buyers remain active at lower support levels. The cryptocurrency faces initial resistance at $46K, which could stall the price jump. Short-term signals are bullish.Read MoreFeedzy

Bitcoin (BTC) pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level. There is room for additional upside, although resistance at $46,700 could stall the price bounce.

The cryptocurrency was trading around $42,300 at press time and is roughly flat over the past 24 hours.

Bitcoin’s trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month long downtrend.

Elsewhere, the recent outperformance in alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin indicates bullish sentiment among traders. That means higher trading ranges are expected over the short term.

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.

Recent Posts

XRP, DOGE Lead Crypto Losses as Weekend Pullback in Bitcoin Causes $500M Liquidations

Bitcoin (BTC) pared last week’s gains with a price drop from $98,500 to as low…

43 minutes ago

Tether in Talks to Support Cantor Fitzgerald’s Planned Bitcoin Lending Program: WSJ

Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's…

43 minutes ago

MicroStrategy Is a Bitcoin Magnet Pulling in the Earth’s Capital Reserves: Bernstein

MicroStrategy's (MSTR) bitcoin (BTC) treasury model is unparalleled and the company is expected to attract…

43 minutes ago

Bitcoin Options Worth $9B Expire Friday, Traders May be Thankful for the Post-Thanksgiving Volatility

The crypto market should see a pick up in volatility at the end of this…

43 minutes ago

Michael Saylor’s MicroStrategy Makes Mammoth BTC Purchase, Adding 55,500 Tokens for $5.4B

Bitcoin Development Company MicroStrategy (MSTR) added 55,500 of the largest cryptocurrency for $5.4 billion, bringing…

43 minutes ago

First Mover Americas: Bitcoin Regains $98K After Weekend Slump

Starting next Monday, First Mover Americas will become Crypto Daybook Americas, your new morning briefing…

43 minutes ago