Categories: Bitcoin Latest News

Bitcoin Rangebound; Initial Support at $40K

Bitcoin (BTC) is trading in a tight range between $43K and $44K on Wednesday. The cryptocurrency could find short-term support at $40K, although upside momentum is starting to wane on intraday charts.Read MoreFeedzy

Bitcoin (BTC) was trading in a tight range between $43,000 and $44,000 over the past 24 hours. Support is nearby, which could limit pullbacks over the short term.

Buyers will need to maintain a price floor above $40,000 to sustain the uptrend from $36,000 that occurred on Feb. 3. Intraday charts appear overbought, however, which could stall the upside, similar to what occurred last week.

For now, the 50-day moving average on the four-hour chart has flattened, indicating a pause in upside momentum. Resistance remains at $46,000, and if buyers fail to maintain current levels, a dip toward $35,000 seems likely.

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

US to Release Jailed BTC-e Operator Vinnik in Russia Prisoner Swap

Alexander Vinnik, the jailed former operator of once mighty bitcoin exchange BTC-e, is being released…

43 minutes ago

Galoy Launches Bitcoin-Backed Loan Software, Sets Groundwork For Open-Source Banking

Founder: Nicolas Burtey Date Founded: September 2019 Location of Headquarters: United States Number of Employees:…

43 minutes ago

Goldman Sachs Disclosed Ownership of Bitcoin ETFs. Here’s Why It Doesn’t Mean Much

Bitcoin Twitter (or Bitcoin X) is having a moment after a 13F filing by Goldman…

2 hours ago

Is Ethereum ‘Most Hated Rally’ About To Begin? Analyst Finds Bitcoin Cycle Similarities

After a relatively subdued price performance in 2024, Ethereum (ETH) could be on the verge…

2 hours ago

El Salvador Dispatch: Berlín, the Bitcoin Marvel Hidden in the Mountains

In El Salvador, about two hours away from the capital, up in the mountains, lies…

3 hours ago

Bitcoin OTC Balances Decline, Raising Market Supply Questions

Bitcoin has experienced a challenging period recently, with its price consistently declining over the past…

3 hours ago