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Bitcoin Holding Support Above $46K; Resistance at $48K-$51K
BTC buyers could remain active over the short-term.
Bitcoin (BTC) is attempting to break above a tight trading range between $46,000 and $48,000 as momentum remains positive.
The cryptocurrency was trading at about $47,600 at press time and is up 10% over the past week.
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Initial resistance is seen at the 200-day moving average, currently at $48,312, which could stall the price rally. Still, there is stronger resistance at $50,966, suggesting that buyers could remain active over the short term.
The relative strength index (RSI) on the daily chart ticked higher and is firmly in the overbought zone. Previous overbought signals, however, lasted for three months before a significant sell-off in price.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
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