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Bitcoin Holds Short-Term Support; Faces Resistance at $41K

Bitcoin Holds Short-Term Support; Faces Resistance at $41K

Bitcoin Holds Short-Term Support; Faces Resistance at $41K

Upside momentum has been weak, which means the corrective phase from May is not yet complete.

Upside momentum has been weak, which means the corrective phase from May is not yet complete.

Upside momentum has been weak, which means the corrective phase from May is not yet complete.

AccessTimeIconJun 17, 2021, 11:29 AM
Updated Mar 2, 2023, 10:29 PM

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Bitcoin (BTC) stabilized around $38,000 support on Wednesday but upside appears limited towards $41,000. The choppy range over the past few days suggests indecision between buyers and sellers.

A breakout from the trading range would yield an upside target towards the next resistance level around $45,000. However, upside momentum has been weak, which means the corrective phase from May is not yet complete.

Bitcoin was trading around $39,200 at press time and is up 7% over the past seven days.

  • The relative strength index (RSI) on the four-hour chart is neutral after signaling an overbought downturn on Monday.
  • The short-term trend is improving as price remains above the 100-period moving average on the four-hour chart.
  • Support around $37,000 and $34,000 could stabilize a potential pullback. However, there is strong resistance between $41,000 and $45,000.
  • The weekly chart is not yet oversold, which suggests limited upside and an extended period of consolidation.

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