Bitcoin Returns Above $43K; Resistance Near $45K-$48K

Bitcoin (BTC) buyers are attempting to reverse a short-term downtrend on the charts.

Over the past two weeks, price action has been anchored around the $40,000 support level, which is where buyers previously stepped in ahead of the October price rally.

Still, the cryptocurrency could face resistance around $45,000-$48,000 as intraday signals approach overbought territory.

As of press time bitcoin was changing hands at $42,952, up 2.5% over the past 24 hours.

The 100-day moving average on the four-hour chart is sloping downwards, indicating a declining price trend over the past month. A decisive break above $43,000 could signal a positive trend shift on intraday charts.

On the daily chart, bitcoin appears to be oversold, albeit within a downtrend that began in November. That means upside could be limited given the decline in long-term momentum.

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Bitcoin (BTC) buyers are attempting to reverse a short-term downtrend on the charts.

Over the past two weeks, price action has been anchored around the $40,000 support level, which is where buyers previously stepped in ahead of the October price rally.

Still, the cryptocurrency could face resistance around $45,000-$48,000 as intraday signals approach overbought territory.

As of press time bitcoin was changing hands at $42,952, up 2.5% over the past 24 hours.

The 100-day moving average on the four-hour chart is sloping downwards, indicating a declining price trend over the past month. A decisive break above $43,000 could signal a positive trend shift on intraday charts.

On the daily chart, bitcoin appears to be oversold, albeit within a downtrend that began in November. That means upside could be limited given the decline in long-term momentum.