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Bitcoin Rallies Above $47K, Resistance at $50K
Technical indicators show improving upside momentum.
Bitcoin (BTC) returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000, where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilizing, albeit within a range of $40,000 support and $50,000 resistance.
STORY CONTINUES BELOW
- The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short term.
- On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000 to $55,000 resistance range.
- Buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on Aug. 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.
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.
