Share this article
BTC
$78,283.70
-
0.43%ETH
$1,555.82
-
1.00%USDT
$0.9994
-
0.02%XRP
$1.9072
-
1.81%BNB
$554.68
+
0.61%USDC
$0.9999
-
0.03%SOL
$106.41
+
0.05%DOGE
$0.1480
-
0.82%TRX
$0.2279
-
1.13%ADA
$0.5810
+
1.82%LEO
$8.9271
+
0.76%TON
$3.0852
+
3.80%LINK
$11.43
+
1.44%XLM
$0.2331
-
0.46%AVAX
$16.72
+
4.37%SHIB
$0.0₄1135
+
0.71%SUI
$2.0278
+
7.11%HBAR
$0.1493
+
5.85%OM
$6.2895
+
7.37%BCH
$278.64
+
3.02%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Struggles at Resistance; Support Near $48K
Initial support around $48K could stabilize the pullback.
Bitcoin (BTC) sellers returned at the $50,000 resistance level on Monday and remained active during Asian trading hours. The cryptocurrency was trading around $49,300 at press time and is up about 11% over the past week. Initial support is seen around $48,000, which could stabilize the pullback.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- Bitcoin is currently testing the 100-period moving average on the hourly chart, although the relative strength index (RSI) is not yet oversold.
- Selling pressure could subside at lower support levels between $45,000 and $48,000.
- The Aug. 6 breakout above $42,000 is encouraging, especially given the return of upside momentum.
- Buyers will need to defend support to yield the next upside target towards $55,000.
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.
