Bitcoin (BTC) is in a range that appears to be similar to what occurred in 2018 and 2019, which was a long period of relatively low returns. Support is at $37,500 and initial resistance is at $43K-$46K.Read MoreFeedzy
Bitcoin (BTC) remains in a tight trading range with support at $37,500 and initial resistance at $43,000.
The cryptocurrency was trading around $39,000 at press time and is down 2% over the past week. BTC appears to be stabilizing on intraday charts, although upside could be limited into the Asia trading day.
Momentum signals have weakened over the past week, which typically precedes a period of flat to negative price action. For now, buyers have kept prices anchored around the $40,000 price level, albeit unwilling to decisively break above the $46,710 resistance level over the past three months.
A negative reading on weekly momentum indicators is on watch, which could increase the chance of a price breakdown.
Still, BTC is a few days away from registering a bullish countertrend signal, per the DeMARK indicators, which could delay the formation of an intermediate-term downtrend.
The current price action is similar to what occurred in 2018 and 2019, which was a long period of choppy trading and relatively low returns, similar to equities. At that point, the bitcoin price range was roughly $6,000 to $9,000.
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.
CME Group has scheduled the introduction of Bitcoin Cash and Uniswap futures for October 19,…
Bitcoin Magazine El Salvador’s National Bitcoin Office Hosts Five November Events Led by Herbert and…
Bitcoin Magazine No ‘Uptober’ Yet: Bitcoin Slips 2% in a Month That’s Historically Bullish Bitcoin’s…
Bitcoin Magazine Fundstrat Analyst Sean Farrell: Bitcoin to $100k by Year End + MSTR MSCI…
Bitcoin Magazine Jeff Park: What The AI Pain Trade Means For Bitcoin From Strategy and…
Bitcoin Magazine $20B AUM Siebert Analyst: Bitcoin to $175K in 2027 Siebert Financial sees Bitcoin…