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Bitcoin's Rally Faces Initial Resistance at $45K-$47K, Support Is at $40K
BTC has confirmed a break above its two month-long downtrend.
Updated May 11, 2023, 3:40 p.m. Published Feb 7, 2022, 7:07 p.m.
Bitcoin (BTC) maintained support above $40,000 over the weekend and is up 6% over the past 24 hours.
The cryptocurrency was trading at around $44,200 at press time and has confirmed a break above its two month-long downtrend.
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The intermediate-term outlook has become less bearish for BTC given the recent price bounce. That means buyers could remain active toward the next level of resistance of $45,000 to $47,000. At that point, a brief pullback is to be expected after retracing 38% of the prior downtrend.
The relative strength index (RSI) on the daily chart is not yet overbought, which leaves additional room for price gains this week. Buying activity has stalled over the past few weeks after the RSI first signaled oversold conditions on Dec. 10.
Still, momentum signals remain negative on the weekly and monthly chart, indicating some caution behind the latest price rally.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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