Share this article
BTC
$82,779.12
+
0.23%ETH
$1,791.41
+
0.09%USDT
$0.9997
+
0.03%XRP
$2.1408
+
1.58%BNB
$594.01
+
0.40%SOL
$118.10
+
0.75%USDC
$1.0001
+
0.02%DOGE
$0.1674
-
0.40%ADA
$0.6511
-
0.56%TRX
$0.2374
-
1.49%LINK
$12.72
+
0.91%LEO
$8.9821
-
4.32%TON
$3.2492
-
4.32%XLM
$0.2545
-
1.50%AVAX
$17.97
-
0.50%SHIB
$0.0₄1217
-
0.31%SUI
$2.2056
-
0.53%HBAR
$0.1599
-
2.35%LTC
$82.68
-
0.46%OM
$6.2571
-
1.01%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Oversold Near $46K Support; Resistance at $55K
The cryptocurrency could see a brief price bounce, although sellers remain in control.
Bitcoin (BTC) continues to hold support above $46,000, which is near its 200-day moving average. The cryptocurrency could see a brief price bounce toward $55,000 if buyers react to oversold signals on the charts.
BTC was changing hands around $47,900 at press time and has traded in a tight trading range over the past week.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Price momentum is starting to turn positive on the daily chart for the first time since October, which preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means upside could be limited beyond $55,000 to $60,000.
The relative strength index (RSI) on the daily chart is the most oversold since late-September, although buying has been weak relative to prior RSI signals.
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.
