Share this article
BTC
$84,525.06
-
0.61%ETH
$1,582.78
-
0.60%USDT
$0.9997
-
0.02%XRP
$2.0713
-
1.98%BNB
$590.76
+
1.08%SOL
$133.29
+
3.93%USDC
$0.9998
-
0.01%TRX
$0.2487
-
2.57%DOGE
$0.1553
+
0.01%ADA
$0.6204
+
1.44%LEO
$9.0553
-
3.79%LINK
$12.46
+
1.02%AVAX
$19.14
+
0.37%TON
$2.9796
+
3.17%XLM
$0.2391
+
1.61%SHIB
$0.0₄1178
-
0.89%SUI
$2.1059
+
0.17%HBAR
$0.1611
+
1.46%BCH
$334.89
+
3.78%LTC
$75.12
+
0.10%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
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.
