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Bitcoin Holds Support at $45K; Faces Resistance at $50K
Buyers will likely remain active on pullbacks into the weekend.
Bitcoin (BTC) rose about 6% over the past 24 hours as buyers defended support at the 200-day moving average around $45,000. The cryptocurrency was trading around $47,200 at press time and faces initial resistance near $50,000.
STORY CONTINUES BELOW
The breakout above $42,000 earlier this month stalled as short-term overbought conditions appeared on the charts. Buyers will likely remain active on pullbacks into the weekend.
- The relative strength index (RSI) on the daily chart is declining from overbought levels. The slight divergence between RSI and bitcoin’s price preceded a brief pullback towards the $42,000 breakout level.
- The weekly RSI is neutral, although momentum has significantly improved over the past two months.
- Initial signs of upside exhaustion appeared on the charts last week, which is typically seen as warning sign for higher volatility.
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.
