Bitcoin Range-Bound Above $35K-$37K Support; Resistance at $40K
BTC was trading at $38,700 at press time and is roughly flat over the past 24 hours.
The downward sloping 100-day moving average has kept the four-month downtrend intact. Recent sideways trading, however, could result in volatile price swings over the next two weeks.
Buyers will need to hold support above $35,000-$37,000 in order to preserve the long-term uptrend.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
