Share this article
BTC
$83,047.30
+
2.76%ETH
$1,551.98
+
0.47%USDT
$0.9995
+
0.03%XRP
$2.0188
+
0.73%BNB
$584.55
+
0.84%SOL
$120.01
+
4.06%USDC
$1.0000
+
0.01%DOGE
$0.1587
+
1.23%TRX
$0.2436
+
3.15%ADA
$0.6205
-
0.51%LEO
$9.3307
-
0.90%LINK
$12.53
+
1.19%AVAX
$18.92
+
2.07%XLM
$0.2343
+
0.64%SHIB
$0.0₄1208
+
1.26%SUI
$2.1625
-
0.40%TON
$2.8288
-
3.35%HBAR
$0.1659
-
2.77%BCH
$311.65
+
4.98%OM
$6.4060
-
0.57%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 Stalls at Support, Resistance at $50K
Upside momentum is slowing into the weekend, which can limit price rises.
Bitcoin (BTC) is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.
The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the daily chart continues to decline from overbought levels over the past month.
- The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase.
- Resistance remains strong between $50,000 and $55,000, as the nearly 70% price rally from $30,000 in July appears to be exhausted.
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.
