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Bitcoin Steady Near $45K Support; Resistance at $53K
BTC is at the bottom of a month-long price range, and upside appears limited.
Updated May 11, 2023, 3:40 p.m. Published Jan 5, 2022, 7:39 p.m.
Bitcoin (BTC) is holding steady around $45,000 – a key support level, near the bottom of a month-long price range. Buyers will need to clear $47,000 to yield a short-term upside target toward $53,000 this week.
If support does not hold, a pullback will likely stabilize around $42,000, which is near the Dec. 5 crash low.
STORY CONTINUES BELOW
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For now, the relative strength index (RSI) on the daily chart remains in an oversold range, which typically precedes a short-term price bounce.
Still, the recent decline in upside momentum is a concern. There is strong resistance ahead, which could limit price gains this month.
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