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Bitcoin Holding Support; Stuck Below $50K Resistance
Upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.
Bitcoin is consolidating after buyers took profits near the $50,000 resistance level last week. The cryptocurrency is holding support around $48,000 and is down 3% over the past seven days.
The breakout above $42,000 and $46,000 could keep buyers active at support, which should relieve some upside exhaustion signals on the charts.
STORY CONTINUES BELOW
- Bitcoin is holding the 100-period moving average on the four-hour chart, which consistently provided support on pullbacks over the past week.
- However, upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.
- The relative strength index (RSI) is declining from overbought levels on both the four-hour and daily chart. This typically reflects a healthy consolidation after a series of price breakouts.
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.
