Share this article
BTC
$94,091.24
+
6.17%ETH
$1,793.95
+
10.30%USDT
$1.0002
+
0.02%XRP
$2.2854
+
8.51%BNB
$612.03
+
1.07%SOL
$152.51
+
9.08%USDC
$0.9999
-
0.01%DOGE
$0.1828
+
11.68%ADA
$0.7076
+
10.75%TRX
$0.2464
-
0.72%LINK
$14.89
+
11.58%AVAX
$23.00
+
13.86%SUI
$2.9344
+
26.82%XLM
$0.2737
+
10.53%LEO
$9.0942
+
0.10%SHIB
$0.0₄1378
+
9.98%HBAR
$0.1880
+
8.93%TON
$3.1353
+
7.51%BCH
$360.39
+
3.92%LTC
$84.79
+
6.64%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 Rangebound Ahead of $48K-$50K Resistance
Oversold signals on intraday charts could support brief buying.
Bitcoin (BTC) is stuck in a tight range as sellers take a breather from this week’s sell-off. The cryptocurrency is oversold on intraday charts, which could encourage buyers to step in, albeit limited towards the $50,000 resistance level.
BTC was trading around $46,200 at press time and is down 6% over the past week.
STORY CONTINUES BELOW
- The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
- However, the RSI is neutral on the daily and weekly chart, suggesting a period of consolidation between $42,000 support and $50,000 resistance could persist.
- Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.
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.
