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
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.
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