Bitcoin (BTC) is stuck in a tight trading range after failing to break through $40K resistance. Lower support at $35K and $37K could stabilize pullbacks into the Asia trading day.Read MoreFeedzy
Bitcoin (BTC) turned lower after approaching resistance near $40,000. The cryptocurrency remains in a tight trading range, although support between $35,000 and $37,000 could stabilize pullbacks into the Asia trading day.
BTC was trading around $39,000 at press time and is down 6% over the past 24 hours.
The relative strength index (RSI) on the four-hour chart declined from overbought levels, which preceded a pullback in price. On the hourly chart, the RSI is oversold, suggesting brief periods of buying activity could occur.
Still, negative momentum signals on the monthly chart points to limited upside for BTC. The current range could persist until a decisive breakout or breakdown is confirmed.
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.
Bitcoin finds itself at a critical crossroads, hovering between two major price zones that could…
Jake Claver, CEO of Digital Ascension Group, says ultra-wealthy families are rapidly accumulating XRP, and…
The Casascius coins were designed as offline cold storage with embedded private keys, but the…
In a not-so-surprising turn of events, the bearish orientation of the Bitcoin price has continued…
Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more…
As the gap between spot bitcoin price and the power law widens, investors are left…