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Bitcoin Takes a Breather, Could Find Support at $50K-$52K
Upside momentum is slowing, although pullbacks could be limited into Asian trading hours.
Updated May 11, 2023, 5:12 p.m. Published Oct 12, 2021, 7:30 p.m.
Bitcoin buyers are exiting positions as overbought signals appear on the charts. Resistance is seen at around $58,000-$60,000, the level that preceded a price drop in May. This time, however, pullbacks could be limited toward the $50,00-$52,000 support zone.
BTC was trading at around $55,600 at press time and is down 3% over the past 24 hours.
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- The relative strength index (RSI) on the four-hour chart is declining from overbought levels last week, which suggests the current pullback could extend into Asian trading hours.
- The RSI is also overbought on the daily chart similar to early September before a price correction occurred.
- For now, immediate support is seen at the 50-period moving average on the four-hour chart, which is at $54,000. Short-term volatility could remain elevated as indicators show a stalemate between buyers and sellers.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
What to know:
- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
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- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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