Bitcoin (BTC), as the selling pressure decreases, is trying to break out of a short-term downtrend.
The $40,000 support the midpoint of the three month-long BTC price range, level, has remained the same. Buyers will have to make a decisive decision above $45,000 to continue the recovery phase.
BTC traded at $40,900 as of press time. It has risen by 2% in the last 24 hours. However, cryptocurrency has fallen 4% over the past week.
Get immediate resistance is seen at $43,000, which could stall the current upswing in price. Buyers could still be active towards stronger resistance at $47,000 or $50,966.
Additional information: countertrend reversal signal appeared earlier today, per the DeMARK indicators, similar to the January 24 signal, which preceded a 30% rally in BTC. A weekly close to $40,000 is required to confirm a reverse trend.
