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Bitcoin Recovering, Faces Short-Term Resistance Near $46K
Upside appears to be limited as the largest cryptocurrency trades at $43,700.
Bitcoin (BTC) is recovering above its $40,000-$42,000 support zone after oversold signals appeared on the charts. Initial resistance is seen at around $46,000, which could limit further upside short term.
BTC was trading at around $43,700 at press time and is up 4% over the past 24 hours.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the four-hour chart is rising from oversold levels that appeared earlier this week. The RSI is not yet overbought, which could keep buyers active, albeit limited toward $46,000 resistance.
- On the daily chart, however, the RSI is approaching neutral levels, which suggests further consolidation is needed to recapture upside momentum.
- Resistance remains strong toward $50,000 as bitcoin registered a series of lower price highs over the past two weeks.
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.
