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Bitcoin Stalls Below $40K Resistance, Support at $30K-$32K
BTC is at risk of a breakdown as price momentum slows.
Updated May 11, 2023, 5:02 p.m. Published May 3, 2022, 6:05 p.m.
Bitcoin (BTC) continues to hold support above $37,500, but could face higher volatility over the next few days.
The cryptocurrency was trading at about $38,000 at press time and is roughly flat over the past 24 hours and over the past week. That indicates indecision among traders – a common theme so far this year.
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Momentum signals have weakened on daily, weekly and monthly charts, which increases the chance of a breakdown in price. Lower support is seen at around $30,000-$32,000, which could stabilize pullbacks over the short term.
Still, other technical indicators are neutral, which means intraday buying could be short-lived. There is strong resistance at $46,700 that could cap upside moves, similar to what occurred in late March.
The relative strength index (RSI) on the daily chart has remained below 50 (a neutral reading) over the past month. The last time the RSI sustained low readings was last November and December, which preceded a price drop below $46,000.
For now, buyers have failed to maintain consecutive weekly closes above $40,000, which is the midpoint of a three-month price range.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
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- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
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- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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