Bitcoin price continues to struggle within a choppy trading range between $37,000 and $45,000
Bitcoin price continues to struggle within a trading range between $37,000 and $45,000. The cryptocurrency has been mostly flat for the past week, although the loss of bullish momentum could keep sellers active in the short term.
At the time of writing, BTC is changing hands at $39,255.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price weighed down by resistance; support at $35,000 – $37,000
The downward-sloping 100-day moving average, currently at $43,300, has influenced the price action for the past few months. That suggests a downtrend, as evidenced by a series of lower prices since November.
While the bears have stabilized in a tight trading range, lower prices from March 2 suggest a limited upside beyond $46,000.
Meanwhile, lower prices from January 23 have kept BTC pegged above the $37,000 support in recent months. However, a series of lower prices and solid overhead resistance often leads to a breakout or break in the direction of the prevailing trend. In this case, BTC’s downtrend could continue with higher volatility.
On the other hand, bearish exhaustion signals appear in global stock markets, especially in Europe and Asia. That could lead to a short-term pullback in the speculative asset next week, albeit with limited upside.
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