Bitcoin Capped Below $40K Resistance; Support at $35K

Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.

The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.

At press time the bitcoin price was $36,506, down 3% over the past 24 hours, based on CoinDesk pricing.

Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.

Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.

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Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.

The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.

At press time the bitcoin price was $36,506, down 3% over the past 24 hours, based on CoinDesk pricing.

Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.

Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.

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.

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