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Bitcoin in Pullback Mode; Support Near $45K
Support above the $42K-$45K breakout should hold.
Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours. A lower support zone between $42,000-$45,000 could stabilize the pullback.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the four-hour chart is approaching oversold territory similar to April 18, which preceded a price bounce.
- However, the RSI on the daily chart is declining from overbought levels as buyers struggled near the $50,000 resistance level.
- Bitcoin’s 30% rally over the past month appears to be exhausted, although support above the $42,000 breakout should hold.
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.
