Bitcoin Neutral, Support at $37K and Resistance at $46K

Bitcoin (BTC) continued to bounce around the $40,000 price level this week, indicating uncertainty among market participants.

The cryptocurrency is down by 8% over the past week and slightly positive over the past 30 days. Most technical indicators are neutral, although short-term buyers could remain active between the $35,000-$37,000 support zone, similar to what occurred earlier this year.

Momentum signals, per the MACD indicator, are positive on the weekly chart and negative on the monthly chart. That suggests a period of rangebound price action could persist, albeit with an average price swing of 20%.

On the weekly chart, the 100-week moving average, currently at $35,388 is an important gauge of trend support. Buyers will need to keep BTC above that level in order to sustain the recovery phase.

Still, there is strong resistance at the 40-week moving average (equivalent to 200-days), which at $46,800.

Further, an upside target at $50,966 was within close distance on March 28, although a pullback unfolded, similar to what occurred in September of last year.

For now, bullish countertrend signals will need to be confirmed with weekly price closes above $40,000.