Bitcoin Rises Past $40K; Resistance at $43K and $46K
Bitcoin (BTC) broke above the $40,000 price level on intraday charts, indicating short-term bullish activity. The cryptocurrency pared earlier losses, although immediate resistance around current levels could stall the upswing.
BTC was trading around $41,200 at press time and is up 5% over the past 24 hours.
The two-week long downtrend registered a downside exhaustion signal on Feb. 24, per the DeMARK indicators, which typically precedes brief price rallies. Still, long-term momentum indicators are negative, pointing to limited upside around the $43,000-$46,000 resistance zone.
For now, BTC will need to remain above the 100-day moving average on the four-hour chart, currently near $40,000, to confirm upside targets. Lower support is seen at $37,000, which could stabilize pullbacks into the Asia trading day.
DISCLOSURE
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 strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
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.
