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.

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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