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Bitcoin Holds Short-Term Support at $46K; Resistance at $50K
The tight price range could persist into the Asia trading day.
Updated May 11, 2023, 5:15 p.m. Published Dec 14, 2021, 8:12 p.m.
Bitcoin is holding steady around the $46,000 support level as oversold signals appear on the charts. This means short-term buyers could remain active into the Asia trading day, although upside appears to be limited toward $50,000.
The tight trading range over the past two weeks coincided with slowing price momentum. Typically, trading volume declines when prices move sideways until a decisive breakout or breakdown is realized.
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On the daily price chart, initial signs of downside exhaustion have appeared for the first time since July, which preceded a price recovery. Still, these signals are not yet confirmed, especially because multiple oversold readings have not resulted in a meaningful price bounce over the past two weeks.
For now, the intermediate-term uptrend remains weak given the downward sloping 100-period moving average on the four-hour price chart. There is also strong resistance up ahead, which could keep sellers in control.
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