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Bitcoin Struggles at Resistance; Support Near $48K
Initial support around $48K could stabilize the pullback.
Bitcoin (BTC) sellers returned at the $50,000 resistance level on Monday and remained active during Asian trading hours. The cryptocurrency was trading around $49,300 at press time and is up about 11% over the past week. Initial support is seen around $48,000, which could stabilize the pullback.
STORY CONTINUES BELOW
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- Bitcoin is currently testing the 100-period moving average on the hourly chart, although the relative strength index (RSI) is not yet oversold.
- Selling pressure could subside at lower support levels between $45,000 and $48,000.
- The Aug. 6 breakout above $42,000 is encouraging, especially given the return of upside momentum.
- Buyers will need to defend support to yield the next upside target towards $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.
