Bitcoin Consolidates Above $40K Support; Resistance at $45K

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 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 within 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.

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