Indicators show a period of consolidation could persist given strong resistance above $45K.
By Damanick DantesSep 29, 2021 at 4:16 a.m. PDTUpdated Sep 29, 2021 at 6:53 a.m. PDT
Bitcoin (BTC) is attempting to break above a series of lower price highs over the past few days, although upside appears to be limited toward the $45,000 resistance level. Buyers continue to defend support at $40,000, suggesting pullbacks are limited over the short term.
BTC was trading at around $42,000 at press time and is roughly flat over the past 24 hours.
- The relative strength index (RSI) on the hourly chart is not yet overbought, which could encourage short-term buying in the $40,000-$45,000 price range.
- On the daily and weekly charts, the RSI is near neutral territory as upside momentum significantly slowed over the past month.
- Indicators show a period of consolidation could persist in the intermediate term given strong resistance beyond $45,000. Source Bitcoin Consolidates Above $40K Support, Resistance at $45K — CoinDesk