Bitcoin (BTC) is still rangebound with low trading volume, which means a breakout or breakdown could occur this week. Support above $37K remains intact, although upside could be limited beyond $40K-$46K.Read MoreFeedzy
Bitcoin (BTC) is recovering after multiple setbacks from the $40,000 resistance zone. Technical indicators are mostly neutral and trading volume is low, suggesting a breakout or breakdown is likely this week.
BTC was trading around $39,300 at press time and is roughly flat over the past week.
So far, buyers have maintained a strong support base around $37,000, which could limit pullbacks over the short term. The significant loss of downside momentum on the weekly chart could also encourage buying activity, especially if a breakout above $40,000 occurs.
On the monthly chart, however, momentum signals are negative, which means upside could be limited toward the $46,700 resistance level.
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.
Bitcoin has significant upside potential this month thanks to two big catalysts and Michael Saylor's…
Despite the recent bounce, the correction isn't over, said one technical analyst, expecting bitcoin to…
Well-known cryptocurrency analyst and trader Rekt Capital has revealed an intriguing finding regarding Bitcoin’s price…
You know how the dodo bird became extinct? It became too fat to fly. In…
Data shows the Bitcoin Open Interest as a percentage of its market cap has been…
Crypto analyst Ali Martinez has revealed that it may still be an excellent time to…