Share this article
BTC
$83,160.50
-
0.82%ETH
$1,801.57
-
0.78%USDT
$0.9998
+
0.02%XRP
$2.1413
+
0.52%BNB
$592.51
-
0.84%SOL
$119.47
-
2.67%USDC
$1.0002
+
0.02%DOGE
$0.1684
-
1.61%ADA
$0.6536
-
0.99%TRX
$0.2375
-
0.61%LEO
$9.1088
-
0.60%LINK
$12.78
-
1.23%TON
$3.2508
-
4.72%XLM
$0.2514
-
3.13%AVAX
$17.83
-
1.99%SHIB
$0.0₄1233
+
0.12%SUI
$2.2057
-
2.32%HBAR
$0.1615
-
1.58%LTC
$82.57
-
2.18%OM
$6.2599
-
0.07%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
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.
