Bitcoin (BTC) is strengthening above $40K and could see further upside toward the $43K-$46K resistance zone. The consolidation phase could be nearing an end, especially if a breakout is confirmed over the weekend.Read MoreFeedzy
BTC was trading at around $41,500 at press time and is up 2% over the past 24 hours.
Short-term momentum signals have turned upward, especially after a downside exhaustion signal appeared on March 7. Further, the relative strength index (RSI) on the daily chart is rising above oversold levels (above 50), suggesting the four-month-long downtrend in price is nearing an end.
Still, there is significant overhead resistance on the charts, which could stall the current price bounce.
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.
Traders are spending millions to position for further Bitcoin upside after its staggering rally to…
BTC is up more than 25% on the week after Treasury’s bond-buyback expansion sparked a…
BTC has now surged 38% following its June plunge as shifting U.S. Treasury policy helped…
Bitcoin Magazine Cypher Tank Returns to Lugano, Expanding Its Bet on Bitcoin Founders Cypher Tank…
Strategy Inc., formerly MicroStrategy, has raised $2.01 billion through an at-the-market equity offering while reporting…
US spot Bitcoin and Ethereum ETFs recorded a combined $492 million in net inflows for…