Bitcoin declines from resistance, approaching $40k support
|Bitcoin (BTC) is trading lower after sellers responded to resistance near $45,000. The cryptocurrency is down about 4% over the past 24 hours to $41,909 as upside momentum slows.
Support is nearby at $40,000, which could stabilize the pullback.
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The 100-period moving average on the four-hour chart continues to cap upside moves. This suggests buyers are losing strength after failing to sustain a breakout above $50,000 resistance earlier this month.
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The relative strength index (RSI) on the four-hour chart is neutral after reaching overbought levels last week, which preceded a brief 14% price bounce.
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On the hourly chart, the RSI is the most oversold since Sept. 26, suggesting intraday buyers could remain active, albeit briefly toward $43,000-$45,000 resistance.
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And on the weekly chart, upside momentum has slowed over the past two months, indicating a weaker uptrend as price rises remain limited.
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