Share this article
Bitcoin Holds Support; Approaching $50K Resistance
Bitcoin's uptrend is improving despite brief pullbacks.
Updated Mar 6, 2023, 3:09 p.m. Published Aug 16, 2021, 11:23 a.m.
Bitcoin (BTC) is holding support above $42,000 and could face resistance near $50,000 as short-term momentum behind the short-squeeze rally fades. The cryptocurrency was trading around $47,400 at press time and is up 3% over the past 24 hours.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The short-term uptrend remains intact despite several overbought pullbacks that were resolved to the upside. Bitcoin remains in breakout mode after rallying past $42,000, which marked the completion of a two-month consolidation phase.
- The relative strength index (RSI) on the four-hour chart is near overbought levels, which typically precede brief pullbacks. The last extreme overbought reading on July 26 occurred before a 10% pullback.
- Bitcoin has maintained a series of higher price highs since the Aug. 6 breakout above $42,000. This means buyers continue to defend support levels as the broader uptrend improves.
- The weekly chart has positive momentum signals similar to the start of a crypto rally around November 2020.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitwise files for 11 'strategy' ETFs, tracking tokens including AAVE, ZEC, TAO
The exchange-traded funds will invest both directly and indirectly in the tokens.
What to know:
- Bitwise filed with the SEC to introduce 11 crypto strategy ETFs, covering tokens including AAVE, UNI and ZEC.
- The ETFs will invest up to 60% in the underlying token, with the rest in exchange-traded products and derivatives.
- The filing coincides with Grayscale's move to convert its bittensor trust into an exchange-traded product as decentralized AI gains traction.
Top Stories
