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Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

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Bitcoin Holding Support Above $40K; Faces Resistance at $43K-$45K

By Damanick Dantes

Buyers could remain active into the Asia trading day as momentum improves.

Bitcoin four-hour price chart shows support/resistance and RSI on bottom (Damanick Dantes/CoinDesk, TradingView)

Bitcoin (BTC) continues to hold support above $40,000 as momentum improves on intraday charts.

The cryptocurrency is down about 4% over the past week, although multiple oversold readings suggest buyers could remain active into the Asia trading day. As of press time Wednesday, bitcoin was changing hands at $41,822.

Still, upside appears to be limited toward the $43,000-$45,000 resistance zone. And $48,000 could present another hurdle for buyers given the series of lower price highs since November.

The relative strength index (RSI) on the four-hour chart approached an oversold level on Tuesday, similar to what occurred on Jan. 5, which preceded a near 10% price bounce a few days later.

On the daily chart, the RSI has remained in oversold/neutral territory for about a month, which is common during a price downtrend.

 

Editor’s Note:

Start investing In cryptocurrency with Bitxchange www.bit-xchange.org. If you’re new to the world of crypto and figuring out how to buy cryptocurrencies, then cryptocurrency exchanges like Bitxchange can help you to easily buy and sell crypto.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

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