Bitcoin (BTC) has traded in a sideways range over the past week, although buyers continued to hold support around $40,000. The next level of resistance is between $43,000-$45,000, which could limit short-term price gains.
BTC is roughly flat over the past 24 hours, as most technical indicators remain neutral into the Asia trading day.
The relative strength index (RSI) on the four-hour chart is the most oversold since Jan. 7, which preceded a 10% price bounce. In a downtrend, however, price reaction to oversold readings could be delayed by a few days.
For now, sellers remain in control as long-term momentum signals weaken.
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