Share this article
BTC
$76,260.11
-
8.02%ETH
$1,494.88
-
16.56%USDT
$0.9992
-
0.02%XRP
$1.7745
-
15.31%BNB
$540.31
-
8.20%USDC
$0.9999
+
0.02%SOL
$100.53
-
15.67%TRX
$0.2246
-
5.40%DOGE
$0.1375
-
16.71%ADA
$0.5458
-
14.45%LEO
$8.9452
-
1.80%TON
$2.9661
-
9.78%LINK
$10.75
-
14.96%XLM
$0.2152
-
13.69%SHIB
$0.0₄1085
-
10.43%AVAX
$15.34
-
11.43%SUI
$1.8195
-
15.92%OM
$6.1171
-
1.87%HBAR
$0.1344
-
14.88%BCH
$259.74
-
12.07%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menuResearch
Bitcoin Oversold at Support, Resistance at $47K
Bitcoin is the most oversold in two months as buyers defend $40K support.
Bitcoin (BTC) is holding support at above $40,000, which could stabilize the pullback and encourage short-term buyers to return. But upside appears to be limited, given strong resistance at around $47,000-$50,000.
The cryptocurrency was trading at about $42,000 at press time and is down 2% over the past 24 hours.
STORY CONTINUES BELOW
- The relative strength index (RSI) on the daily chart is the most oversold since July 20, which preceded a nearly 60% short-squeeze rally from the $30,000 support level.
- On the weekly chart, however, the RSI is neutral, suggesting prices could consolidate for a few more days.
- For now, BTC found support at its 100-day moving average of around $40,000. If broken, lower support is seen at around $37,500, which is the middle of a four-month price range.
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.
