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Bitcoin Drifts Lower, Risks Testing $40K Support
A breakdown could damage the intermediate-term trend despite oversold signals.
Bitcoin (BTC) remains under pressure as buyers failed to break above $50,000 over the past week.
The cryptocurrency is down about 6% over the past 24 hours and was trading around $47,300 at the time of publication.
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Immediate support is seen at the 200-day moving average (around $46,700), which is also the bottom of a weeklong price range. Given negative momentum signals, however, bitcoin is at risk of breaking below support, which could damage the intermediate-term trend.
For now, the relative strength index (RSI) is the most oversold since May, which could encourage short-term buying. Still, upside appears to be limited toward the $50,000 resistance level.
If a breakdown occurs, the next level of support is seen around $40,000, which could stabilize the decline.
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.
