Bitcoin holds $40k support, initial resistance at $47k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) is stabilizing as buyers defended support around the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside towards the $47,000 resistance level.

BTC was trading around $43,000 at press time and is roughly flat over the past 24 hours.

The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price rises.
Bitcoin faces initial resistance at the 100-period moving average on the four-hour chart, currently around $47,000, and then at $50,000, where buyers have continuously taken profits.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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