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Bitcoin Rangebound Ahead of $48K-$50K Resistance
Oversold signals on intraday charts could support brief buying.
Updated May 11, 2023, 4:35 p.m. Published Sep 9, 2021, 11:30 a.m. 1 min read
Bitcoin is stuck in a tight range as sellers take a breather from this week’s sell-off. The cryptocurrency is oversold on intraday charts, which could encourage buyers to step in, albeit limited towards the $50,000 resistance level.
BTC was trading around $46,200 at press time and is down 6% over the past week.
- The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
- However, the RSI is neutral on the daily and weekly chart, suggesting a period of consolidation between $42,000 support and $50,000 resistance could persist.
- Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.
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Open interest held steady and funding stayed subdued during the recent liquidation wave, suggesting traders were de-risking rather than capitulating, according to HashKey Research's Tim Sun.
Wat u moet weten:
- Bitcoin hovered around $77,700 after a brief drop below $77,000, with derivatives data suggesting the move was a leverage flush rather than the start of a deeper downturn.
- Analysts say the $75,000 to $77,000 range remains a key support zone, as liquidations were split between longs and shorts and did...
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