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Bitcoin Declines From $48K Resistance; Support at $45K
Short-term indicators show bitcoin is overbought.
Bitcoin (BTC) buyers are struggling around the $48,000 resistance level as short-term indicators reached overbought levels over the weekend. The next level of support is seen around $45,000, which could stabilize the pullback.
BTC was trading around $47,000 at press time and was roughly flat over the past 24 hours. Still, the cryptocurrency is up 13% over the past week as buyers continued to defend lower support around $40,000.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels.
- The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off.
- Upside momentum on the weekly chart continues to slow, suggesting a period of consolidation could persist between $40,000 support and $50,000 resistance.
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.
