Bitcoin $BTC broke above its two month-long downtrend as short-term momentum improved. The next level of resistance is at $45K-$47K.
Bitcoin's daily price chart shows support/resistance with RSI on the bottom panel. The cryptocurrency was trading at around $44,200 at press time and has confirmed a break above its two month-long downtrend.
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 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.The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Reaches Strong Technical Resistance as Price Spikes to Almost $43,000Bitcoin follows the global recovery of financial markets and reaches the first strong resistance
Read more »
Bitcoin rejected after attacking $42K as trader says BTC price impulse move not 'done yet'Bitcoin analysts focus on new BTC price support targets as $42,000 stays in play.
Read more »
Crypto market ends week gaining over $160 billion as Bitcoin holds strong above $40kAfter weeks of high volatility, the cryptocurrency market has made minor gains in the last seven days attracting a significant... Continue reading
Read more »
Bloomberg: Bitcoin’s $40k rebound is more of ‘a floor than a ceiling’ with $100k in playA new report by Bloomberg published on February 6, 2022, indicates that Bitcoin is poised for further price growth despite starting the... Continue reading
Read more »
Bitcoin (BTC) Breaks Through Noted Resistance, Eyes Further GainsIn the weekend Bitcoin report, we highlighted that a potential break higher was being kept in check by both the downward trend and the important $39.6k levelformed off the September 21 swing low. Get your market update from nickcawley1 here:
Read more »
Binance NFT Marketplace Launches “Highstreet: Initial Home Offering” Mystery Box Collection | Binance SupportFellow Binancians, The Binance NFT Marketplace is excited to present the “Highstreet: Initial Home Offering” Mystery Box Collection. The launch of the Collection will follow the Subscription M...
Read more »