Over $40K, Bitcoin Holds Support Initial Resistance is $46K

Pullbacks are being bought by buyers, keeping support levels intact.

Support and resistance on the Bitcoin four-hour chart ” TradingView ”

Pullbacks in Bitcoin (BTC) have been restricted during the Asian trading day, suggesting that buyers may continue active above the $40,000 support level. There is still the possibility for more gains, but resistance near $46,700 might stymie the price rebound.
At press time, the cryptocurrency was trading about $42,300 and had been relatively stable over the previous 24 hours.
Bitcoin’s trading volume remains modest in comparison to previous highs, but a definitive break over $46,000 might spur extra purchasing activity. For the time being, Bitcoin remains in a month-long trading range while striving to reverse a four-month-long slump.

In other news, the recent outperformance of alternative cryptocurrencies (altcoins) such as ether (ETH) relative to bitcoin implies that traders are positive. As a result, greater trading ranges are likely in the near future.

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