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BTC
$85,293.40
-
0.02%ETH
$1,648.88
+
1.43%USDT
$0.9996
-
0.01%XRP
$2.1743
+
0.71%BNB
$589.55
-
0.89%SOL
$134.67
+
1.27%USDC
$0.9999
+
0.00%DOGE
$0.1683
+
1.20%TRX
$0.2567
+
3.92%ADA
$0.6517
-
0.16%LEO
$9.4204
+
0.64%LINK
$13.05
-
0.40%AVAX
$20.46
-
0.23%XLM
$0.2432
-
0.41%SUI
$2.3005
-
2.11%SHIB
$0.0₄1238
-
0.95%HBAR
$0.1715
-
1.62%BCH
$362.07
+
6.19%TON
$2.8764
-
1.90%LTC
$79.90
+
2.01%Bitcoin in Recovery Mode, Resistance at $48K-$50K
Upside appears to be limited towards $50,000.
Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.
Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.
- However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.
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.
