Bitcoin Approaches $40K Resistance; Support at $35K-$37K

BTC’s price range may endure, while the likelihood of another large sell-off is decreasing.

Bitcoin (BTC) continues to trade in tumultuous trading circumstances, hovering around the $40,000 price level. The cryptocurrency faces significant overhead resistance, which has the potential to halt the recent price surge. Nonetheless, lower support at $35,000 and $37,000 may serve to stabilize pullbacks into the Asia trading day.

BTC was trading near $40,800 at press time, up 3% in the last week.

On the four-hour chart, the relative strength index (RSI) is approaching overbought levels, similar to what occurred earlier this month, which followed brief price pullbacks. The RSI, on the other hand, is rising from oversold levels on the weekly chart, reducing the possibility of a large price sell-off.

BTC typically consolidates for approximately two months following a significant upswing or slump. This implies that the present trading range of $30,000-$40,000 may endure until a clear breakout or breakdown happens.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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