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Bitcoin Stabilizes; Faces Resistance at $48K-$50K
Upside appears limited as bitcoin consolidates near support.
Updated May 11, 2023, 4:33 p.m. Published Sep 14, 2021, 11:04 a.m. 1 min read
Bitcoin continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average, and is up about 2% over the past 24 hours.
Buyers are returning, although upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.
- The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
- Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
- BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.
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Former Credit Suisse global head of portfolio and Risk Dimensions CIO Mark Connors says bitcoin has broken out of its longest stretch of underperformance in history and is ready to beat stocks, bonds, and gold as inflation stubbornly sticks around.
Was Sie wissen sollten:
- Bitcoin may be entering a new phase of outperformance versus traditional assets after ending its longest-ever stretch of underperformance against the S&P500 in early May, according to investor Mark Connors.
- Connors argues that persistent inflation, structurally high oil prices and a “higher-for-longer” interest-rate environment are pressuring bonds and could favor...
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