Bitcoin above $42k support, resistance at $46k-$48k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) buyers defended the $40,000-$42,000 support range over the weekend as selling pressure slows. The cryptocurrency was trading around $43,800 at press time and is up about 1.8% over the past 24 hours. The next level of resistance is around $46,000-$48,000, which could limit further upside over the short-term.

The relative strength index (RSI) on the four-hour chart is not yet overbought, suggesting buyers could remain active towards resistance levels.
BTC registered a series of lower price highs over the past two weeks as sellers returned around the $50,000 resistance level.
A break above the 100-period moving average on the four-hour chart could yield further upside towards $48,000. For now, indicators show pullbacks should remain limited around the $40,000 support level.

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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