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Bitcoin Stuck in Sideways Chop, Support Above $46K
There is immediate resistance around $48,000 and then $50K, where buyers have taken profits over the past few weeks.
Bitcoin is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.
The consolidation phase has created choppy trading conditions as upside momentum fades over the short term.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.
- There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks.
- Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.
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.
