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Bitcoin Returns Near $50K, Next Resistance at $55K
A breakout could yield further upside towards $55K.
Bitcoin (BTC) buyers are making another attempt at the $50,000 resistance level. A breakout would yield further upside towards $55,000 as momentum improves. Lower support is seen at the 200-day moving average around $46,000.
The short-squeeze rally that began in July has been well supported on pullbacks. Signs of upside exhaustion and overbought signals led to a weeklong consolidation phase, which could resolve to the upside.
STORY CONTINUES BELOW
Bitcoin was trading around $49,600 at press time and is up 2% over the past week.
- The relative strength index (RSI) on the daily chart is declining from overbought levels and should stabilize around the neutral mark at 50.
- Bitcoin is trading above the upward sloping 50-day and 200-day moving averages, signaling improving trend strength after a sharp correction earlier this year.
- Bulls could remain active into the weekend, albeit limited towards $55,000 resistance over the short term.
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.
