Bitcoin (BTC) continues to hover around the $40K resistance zone, albeit with slowing upside momentum. Intraday charts appear overbought, which typically precede brief pullbacks. Still, lower support at $35K and $37K could stabilize selling pressure.Read MoreFeedzy
Bitcoin (BTC) continues to hover around the $40,000 price level amid choppy trading conditions. The cryptocurrency faces strong overhead resistance, which could stall the recent upswing in price. Still, lower support at $35,000 and $37,000 could stabilize pullbacks into the Asia trading day.
BTC was trading around $40,800 at press time and is up 3% over the past week.
The relative strength index (RSI) on the four-hour chart is approaching overbought levels, similar to what occurred earlier this month, which preceded brief pullbacks in price. On the weekly chart, however, the RSI is rising from oversold levels, decreasing the likelihood of a significant price sell-off.
Typically, BTC consolidates for about two months following an extreme upswing or downtrend. That means the current trading range between $30,000 and $40,000 could persist until a decisive breakout or breakdown occurs.
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.
Yes, you read the title correctly, and it does appears contradictory. As bitcoin (BTC) nears…
Bitcoin (BTC) pared last week’s gains with a price drop from $98,500 to as low…
Howard Lutnick, chairman of Wall Street trading firm Cantor Fitzgerald, is in discussions with Tether's…
MicroStrategy's (MSTR) bitcoin (BTC) treasury model is unparalleled and the company is expected to attract…
The crypto market should see a pick up in volatility at the end of this…
Bitcoin Development Company MicroStrategy (MSTR) added 55,500 of the largest cryptocurrency for $5.4 billion, bringing…