Bitcoin (BTC) struggled to break above the $44K resistance level, although lower support at $40K could stabilize the current pullback. Stronger resistance is seen at $46K, although downside momentum could continue into the Asia trading day.Read MoreFeedzy
Bitcoin (BTC) struggled to break above the $44,000 resistance level as overbought conditions appeared on the charts. Momentum is starting to slow, which could point to a deeper pullback into the Asia trading day.
Still, buyers could remain active at lower support levels, particularly at $40,000. At that point, the pullback could stabilize on intraday charts.
On the daily chart, there is stronger resistance at $46,000, which capped the price rally in early February. Buyers will need to make a decisive break above resistance in order to reverse the three-month long downtrend.
Most indicators are neutral, although there has been a loss of downside momentum on the weekly chart, which could be a positive development this month.
BTC was trading around $43,000 at press time and is up 17% 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.
Analysts say consolidation could strengthen bitcoin’s rally, while thin trading above $80,000 may set up…
Bitcoin Magazine Strive Stock Soars After 1,110 Bitcoin Buy Strive, Inc. bought 1,110 bitcoin last…
Bitcoin traders are turning their attention to Jackson Hole, where Federal Reserve Chair Kevin Warsh…
Bitcoin Magazine Bitcoin Rally Accelerates, With $80,000 in Sight After ETFs Have Stellar Week Bitcoin’s…
A weekly momentum divergence formed on the Bitcoin chart ahead of last week’s advance, and…
Bitcoin Magazine Strategy Again Skips Bitcoin Buy And Establishes USD Cash Dollar Reserve Bitcoin treasury…