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Bitcoin Stabilizes; Faces Resistance at $48K-$50K
Upside appears limited as bitcoin consolidates near support.
Bitcoin (BTC) continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average, and is up about 2% over the past 24 hours.
Buyers are returning, although upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.
STORY CONTINUES BELOW
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- The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
- Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
- BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.
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.
