Bitcoin consolidates above $40k support, resistance at $45k

Bitcoin (BTC) is attempting to break above a series of lower price highs over the past few days, although upside appears to be limited toward the $45,000 resistance level. Buyers continue to defend support at $40,000, suggesting pullbacks are limited over the short-term.

BTC was trading around $42,000 at press time and is roughly flat over the past 24 hours.

• The relative strength index (RSI) on the hourly chart is not yet overbought, which could encourage short-term buying within the $40,000-$45,000 price range.

• On the daily and weekly charts, the RSI is near neutral territory as upside momentum significantly slowed over the past month.

• Indicators show a period of consolidation could persist in the intermediate term given strong resistance beyond $45,000.