Share this article
BTC
$84,534.52
-
0.95%ETH
$1,580.80
-
1.51%USDT
$0.9998
+
0.01%XRP
$2.0564
-
1.17%BNB
$589.97
+
0.17%SOL
$137.60
-
1.29%USDC
$0.9998
+
0.01%TRX
$0.2444
+
0.98%DOGE
$0.1548
-
1.91%ADA
$0.6170
-
1.02%LEO
$9.3184
+
0.23%LINK
$13.07
+
2.34%AVAX
$19.46
-
1.10%TON
$2.9755
-
0.09%XLM
$0.2418
-
1.18%SHIB
$0.0₄1230
+
1.14%HBAR
$0.1626
-
1.58%SUI
$2.1111
-
1.61%BCH
$335.04
-
0.76%HYPE
$17.60
-
2.82%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 Holds Short-Term Support; Upside Limited to $50K
Buyers will need to defend lower support levels this weekend to avoid a series of lower price highs.

Bitcoin (BTC) is holding initial support around $47,000 and is roughly flat over the past 24 hours. The cryptocurrency appears to be oversold on intraday charts, although slowing momentum suggests buyers are still exhausted from the $50,000 resistance level.
So far, price is still above the 200-day moving average around $46,000. Lower support is seen at the upward sloping 50-day moving average between the $40,000-$42,000 breakout zone.
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 19, which preceded a near 10% price bounce.
- However, the RSI is still declining from overbought levels on the daily chart. This typically signals limited upside, especially given low volume and upside exhaustion on the charts.
- Buyers will need to defend lower support levels this weekend in order to avoid a series of lower price highs since April.
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.
