Bitcoin Rangebound Near Support; Resistance at $40K-$43K

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Bitcoin (BTC) is holding support above $37,000, albeit within a narrow trading range.

The cryptocurrency is roughly flat over the past 24 hours, changing hands at press time around $38,500, up 3% over the past week.

Buyers will need to make a decisive move above the $40,000 resistance level in order to pause the intermediate-term downtrend from November.

For now, the relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes a brief pullback in price. Additionally, the downward sloping 100-period moving average on the four-hour chart could limit price gains over the short-term.

On the daily chart, however, the RSI continues to rise from oversold levels, which means buyers could remain active above the $35,000-$37,000 support zone. The wide range of support suggests sideways trading could persist this week, especially given weak momentum on longer term charts.

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