Bitcoin (BTC) buyers have been active at support over the past few months, forming a series of higher price lows on the charts. That coincides with a loss of downside momentum, which is a near-term positive for price.Read MoreFeedzy
The cryptocurrency was trading around $41,300 at press time and is roughly flat over the past 24 hours. On intraday charts, however, BTC appears to be overbought, which could briefly stall the current upswing in price.
A series of higher price lows since Jan. 24 suggests continued buying interest around the $32,000-$37,500 support zone, which is the bottom of a year-long price range.
The next major resistance level is seen at $46,700, which has capped price rallies over the past few months. Typically, price rises begin to stall after retracing roughly 38% to 50% of the prevailing downtrend, similar to what occurred in September of last year.
Still, the significant slowdown in BTC’s long-term uptrend suggests upside could be limited over the next few months.
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.
BitMEX is facing a proposed class action in the Southern District of New York seeking…
Bitcoin Magazine Morgan Stanley Bitcoin ETF Nearly Notches $400M in Assets Wall Street giant Morgan…
Poolin Technology has filed for Chapter 11 bankruptcy protection, setting up an orderly wind-down and…
Bitcoin Magazine State Department to Debut Freedom Tech Program with Bitcoin Policy Institute, Palantir as…
Elliptic has published a new report explaining how Bitcoin ATM scams work, and the most…
Michael Saylor's Strategy — under continued pressure in this crypto bear market — released a…