Share this article
BTC
$82,577.65
-
0.02%ETH
$1,764.13
-
0.97%USDT
$0.9994
-
0.04%XRP
$2.0805
-
2.14%BNB
$581.09
-
1.79%USDC
$0.9997
-
0.03%SOL
$115.29
-
1.94%DOGE
$0.1622
-
3.01%TRX
$0.2392
+
0.56%ADA
$0.6282
-
3.04%LEO
$9.0615
+
0.76%TON
$3.3102
+
2.55%LINK
$12.30
-
2.68%XLM
$0.2512
-
0.18%AVAX
$17.26
-
3.37%SHIB
$0.0₄1194
-
1.70%SUI
$2.0980
-
4.53%HBAR
$0.1553
-
3.00%LTC
$78.98
-
4.06%OM
$6.1345
-
1.79%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Holds Support, Testing $50K Resistance
Short-term overbought signals could trigger a brief pullback.
Bitcoin (BTC) buyers were active during Asian trading hours as they defended support at around the 200-day moving average. The cryptocurrency is testing initial resistance of around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside toward $55,000.
- The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to what happened on Aug. 23 when buyers failed to break above $50,000 resistance.
- Initial support is seen at the 100-period moving average on the four-hour chart of about $47,800, which could stabilize a pullback.
- Upside momentum has faded over the past few weeks, although buyers will likely defend lower support as bitcoin consolidates.
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.
