Bitcoin price and Ether were roughly flat over the past 24 hours
Bitcoin has been underperforming major Asian stock indices amid investors’ concerns about interest rate hikes and uncertain macroeconomic conditions. At the time of writing, the Bitcoin price is changing hands at $43,686.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price stabilizes at $43,000 support; resistance at $45,000 – $48,000
Bitcoin is stabilizing after a near-10% drop from the $48,000 resistance level earlier this week. The cryptocurrency holds support above $43,000 and has been roughly flat over the past 24 hours.
The relative strength index (RSI) on intraday charts is rising from oversold levels, which could keep short-term buyers active into the Asia trading day. However, on the daily chart, the RSI is neutral with negative momentum, suggesting range-bound price action could persist for a few more days.
BTC will need to make a decisive move above $45,000 to yield upside price targets, initially toward $50,966. The price recovery from the January low at $32,933 remains intact, especially given the positive momentum reading on the weekly chart.
Still, indicators on the monthly chart suggest upside are limited for BTC over the intermediate term. That means BTC will need to maintain stronger support above $37,560 to keep the three-month uptrend of higher price lows stable. A decisive break below that level could invalidate the recovery phase.
Altcoins took the lead, especially WAVES, which bounced back with a 6% return over the past 24 hours. BTC and Ether (ETH) were roughly flat on Thursday, compared with a 4% rise in Pancake Swap’s CAKE token and a 3% rise in AAVE over the same period.
The overall cryptocurrency market cap stands at $2.2024 trillion, and Bitcoin’s dominance rate is 41%.
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