Bitcoin Holding Support Above $37K; Resistance at $43K

Bitcoin (BTC) remains locked in a trading range over the past few months. Still, buyers have responded to support near $37,500, which has formed a base in price. Upside appears limited from here.Read MoreFeedzy

Bitcoin (BTC) is stabilizing after a 3% decline over the past week. Short-term buyers have returned around the $37,500 support level, although resistance at $43,000 could stall an upswing in price.

BTC was trading around $39,400 at press time and is roughly flat over the past 24 hours.

Momentum signals remain neutral on the charts, which typically precedes a period of rangebound price action, similar to what occurred between May and July of last year.

BTC is roughly two weeks away from registering a countertrend bullish signal, per the DeMARK indicators. If confirmed, buyers could begin to accumulate ahead of a seasonally strong period in May.

Still, bearish signals on the monthly chart suggests limited upside for BTC beyond the $50,966 resistance level.

DISCLOSURE

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