Bitcoin (BTC) buyers held support at $37K and broke above $40K over the past 24 hours. The rally appears to be exhausted on intraday charts, which could precede a brief pullback into the Asia trading day.Read MoreFeedzy
Bitcoin (BTC) rallied as much as 10% over the past 24 hours as buyers reacted to short-term oversold readings.
Resistance, or the pointwhere an uptrend is expected to pause temporarily due to a concentration of supply, at around the $40,000-$45,000 price zone could stall the current upswing, similar to what occurred last week.
The relative strength index (RSI) on the four-hour chart is oversold, which typically precedes a brief pullback in price. On the daily chart, however, the RSI is neutral, suggesting that lower support around $37,000-$40,000 could stabilize pullbacks into the Asia trading day.
For now, bitcoin remains in a tight trading range, although downside momentum has slowed over the past two months. That means bulls could remain active at short-term support levels.
BTC was trading near $42,000 at press time and is down 3% over the past week.
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.
South Korean memory chip giant on Wednesday filed to raise nearly $30 billion in a…
TL;DR BlackRock says a 1% to 2% Bitcoin allocation can be reasonable in a multi-asset…
A 50% drop from recent highs has pushed the asset into a zone historically labeled…
Bitcoin Magazine Bitcoin Price Crashes Toward $61,000 as Bloodbath Engulfs Crypto Stocks Bitcoin price is…
A strengthening U.S. dollar and the Fed's hawkish turn under new chair Kevin Warsh may…
Precious metals have fallen sharply from their 2025 highs as markets price in Fed rate…