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Bitcoin Holds Support Above $40K; Initial Resistance at $46K
Buyers remain active on pullbacks, keeping support levels intact.
Updated May 11, 2023, 4:55 p.m. Published Mar 23, 2022, 6:04 p.m.
Bitcoin (BTC) pullbacks have been limited during the Asia trading day, suggesting that buyers could remain active above the $40,000 support level. There is room for additional upside, although resistance at $46,700 could stall the price bounce.
The cryptocurrency was trading around $42,300 at press time and is roughly flat over the past 24 hours.
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Bitcoin's trading volume remains low relative to prior highs, although a decisive breakout above $46,000 could encourage additional buying activity. For now, BTC remains in a month-long trading range and is attempting to reverse a four-month long downtrend.
Elsewhere, the recent outperformance in alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin indicates bullish sentiment among traders. That means higher trading ranges are expected over the short term.
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Traders appeared more focused on preserving trend structure than chasing upside, with flows concentrated in large-cap assets.
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