Bitcoin (BTC) is back above $40K, albeit within a wide trading range. The cryptocurrency could face initial resistance at $43K, which could stall the current upswing in price.Read MoreFeedzy
Bitcoin (BTC) returned above $40,000, which is the midpoint of its three-month long price range. Still, the cryptocurrency faces initial resistance at $43,500, which could stall the current upside in price.
BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.
The relative strength index (RSI) on intraday charts is approaching overbought levels, similar to what occurred in late-March, which preceded a pullback in price. On the daily chart, however, the RSI is neutral, which means buyers could remain active at support.
For now, BTC continues to hold support above $37,500 – a key level that has kept the recovery phase intact. Further, a series of higher price lows since Jan. 24 indicates a slowdown in selling pressure, albeit with 20% price swings.
Momentum signals on the weekly chart are still positive, which could point to additional upside toward the $46,710 resistance level over the intermediate term.
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.
Leading international cross border bank, Standard Chartered has predicted steep price declines for Bitcoin, foreseeing…
Both equities and gold have been trading lower since reaching highs in mid-April, the report…
The latest price moves in bitcoin (BTC) and crypto markets in context for May 3,…
Post ContentRead MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
Fidelity, a major financial services firm, says pension funds are starting to explore investing in Bitcoin, particularly…
Bitcoin held steady as the dollar index nursed losses ahead of a U.S. jobs report…