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Bitcoin Limited to $50K-$55K Resistance as Momentum Slows
Short-term buying could be limited given negative momentum on the weekly chart.
Bitcoin (BTC) sellers remain active despite signs of short-term support on the charts.
The cryptocurrency was trading around its 200-day moving average, currently at $46,000, and is roughly flat over the past week. Upside appears to be limited given strong resistance between $50,000-$55,000.
STORY CONTINUES BELOW
On the daily chart, bitcoin registered a downside exhaustion signal, which suggests a short-term price bounce is likely. The relative strength index (RSI) is also oversold, which typically preceded price rises similar to what occurred in late September.
Still, the loss of upside momentum on the weekly chart is concerning. Multiple failed attempts at an all-time price high near $69,000 suggests the broader uptrend is weakening. BTC is at a critical juncture and remains vulnerable to another 20% price drop, assuming buyers are unable to hold current support levels.
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.
