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Bitcoin Rises Toward $50K; Resistance Seen Around $52K
Momentum is also stabilizing after several weeks of low trading volume.
Bitcoin (BTC) held support around $46,000 and is attempting to reverse a short-term downtrend. Still, upside appears to be limited toward the $52,000 resistance level, which is roughly midway through the 20% sell-off that occurred earlier this month.
BTC is up about 4% over the past 24 hours and down bout 2% over the past week.
STORY CONTINUES BELOW
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The relative strength index (RSI) on the daily chart is the most oversold since May 20, which preceded a strong price recovery. Momentum is also stabilizing after several weeks of low trading volume.
On the weekly chart, price conditions are less favorable as the uptrend appears to be slowing. For now, this suggests short-term buyers could struggle beyond $50,000-$55,000.
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.
