Bitcoin (BTC) is stuck in a choppy trading range with support between $40K and $43K. The cryptocurrency is entering a period of seasonal strength, which could keep the recovery intact, albeit briefly.Read MoreFeedzy
Resistance at $48,000 and $50,000 have capped price rallies over the past four months, which means sellers are in control. Meanwhile, there has been a significant loss of downside momentum, suggesting that buyers could remain active at lower support levels.
On the weekly chart, the relative strength index (RSI) dipped below the 50 neutral level. That reflects a slight loss of upside momentum since BTC’s breakout above $40,000 on March 28.
Still, the current pullback appears to be temporary, similar to what occurred in September of last year. This time, however, speculative assets such as stocks and cryptos are entering a seasonally strong period in April and May, which could attract short-term buyers.
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