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Bitcoin Approaches Resistance Near $50K-$55K
Upside momentum is strengthening on daily and weekly charts, which suggests buyers are in control.
Updated Mar 6, 2023, 3:20 p.m. Published Aug 23, 2021, 11:15 a.m.
Bitcoin (BTC) buyers were active over the weekend and defended support near the 200-day moving average at $45,000. The cryptocurrency was trading around $50,000 at press time and is will likely face resistance towards $55,000.
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The short-squeeze rally has lasted for about a month as bitcoin held $30,000 support and broke out of a consolidation phase above $42,000. BTC is up about 46% over the past 30 days despite recent signs of upside exhaustion.
- The relative strength index (RSI) is near overbought levels on the daily chart, which could encourage profit taking around resistance.
- Pullbacks should be brief given initial support near $45,000.
- Upside momentum is strengthening on daily and weekly charts, which suggests buyers are in control.
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One analyst isn't quite ready to call a bottom, but says bitcoin is surely in an oversold condition.
What to know:
- Bitcoin's early rally Wednesday seems a faint memory as the price has returned to the week's lows.
- Precious metals continue to get bid, with silver rushing to yet another new record and gold closing in on an all-time high.
- One analyst cautioned against reading too much into the current bitcoin price action due to year-end positioning and tax considerations.
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