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Bitcoin Stuck in Sideways Chop, Support Above $46K
There is immediate resistance around $48,000 and then $50K, where buyers have taken profits over the past few weeks.
Updated May 11, 2023, 4:33 p.m. Published Sep 1, 2021, 11:24 a.m. 1 min read
Bitcoin is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.
The consolidation phase has created choppy trading conditions as upside momentum fades over the short term.
- The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.
- There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks.
- Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.
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Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound.
What to know:
- Bitcoin rebounded from its 128-day moving average near $74,500
- It remains below key onchain resistance levels around $77,000, including the true market mean and short-term holder cost basis.
- Ahead of the $6.6 billion Deribit options expiry on May 29, large open interest at the $75,000 put and $80,000 call is...
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