Bitcoin (BTC) is stabilizing above the $43K support level, although upside appears limited over the short-term. Momentum signals are still negative, especially on the monthly chart. For now, the recovery from Jan. lows remains intact.Read MoreFeedzy
BTC will need to make a decisive move above above $45,000 in order to yield upside price targets, initially toward $50,966. For now, the price recovery from the January low at $32,933 remains intact, especially given the positive momentum reading on the weekly chart.
Still, indicators on the monthly chart suggest upside is limited for BTC over the intermediate term. That means BTC will need to maintain stronger support above $37,560 to keep the three-month uptrend of higher price lows stable. A decisive break below that level could invalidate the recovery phase.
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.
