Bitcoin Support at $40K; Resistance at 43K-$47K

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.

The relative strength index (RSI the daily chart shows that ) is rising from oversold similar to levels seen in February and January, which were before a price rebound.

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.

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