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Bitcoin Capped Below $40K Resistance; Support at $35K
Buyers have consistently lost ground to sellers.
Updated May 11, 2023, 4:59 p.m. Published Feb 3, 2022, 7:51 p.m.
Bitcoin (BTC) buyers and sellers are at a stalemate, evidenced by low trading volume and muted price action over the past few days.
The cryptocurrency is trading in a tight range between $35,000 support and $38,000-$40,000 resistance. Most technical indicators are neutral, which means BTC could remain in a narrow price range going into the Asia trading day.
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At press time the bitcoin price was $36,506, down 3% over the past 24 hours, based on CoinDesk pricing.
Buyers have consistently lost ground to sellers given the persistent downtrend since November. Based on the overwhelming selling pressure, the downward-sloping 100-day moving average on the four-hour chart has been a useful gauge of downtrend resistance.
Still, initial support at $35,000 could stabilize the current pullback. Stronger support is seen around $30,000, a critical price zone that could determine a shift from a bullish to bearish price trend.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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