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Bitcoin Pulls Back Ahead of $50K Resistance, Support at $46K
Upside momentum is improving, which suggests pullbacks could be limited.
Updated May 11, 2023, 4:33 p.m. Published Sep 16, 2021, 11:32 a.m. 1 min read
Bitcoin is roughly flat over the past 24 hours as upside momentum wanes over the short term. The cryptocurrency was trading at around $47,000 at press time, and support is nearby at about $46,000.
There is strong resistance near $50,000, which can limit upside moves. Buyers, however, will likely defend lower support levels as BTC consolidates.
- The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. That could encourage brief selling toward $46,000 support.
- The RSI on the daily chart is around neutral levels, indicating that a period of price consolidation could persist at around the 200-day moving average of $45,800.
- Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.
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From May 20 to May 29, XRP funds took in $35 million while bitcoin and ether ETFs lost roughly $2 billion combined, with Ripple’s earlier reported XRP treasury plan still awaiting confirmation.
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- U.S.-listed spot XRP ETFs drew $11.88 million in net inflows on May 29, extending a week of gains even as bitcoin and ether funds saw continued redemptions.
- Total net assets in U.S. XRP ETFs now stand near $1.12 billion, with about $35 million added since May 20 while bitcoin and...
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