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Bitcoin Holding Support; Stuck Below $50K Resistance
Upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.
Updated May 11, 2023, 4:33 p.m. Published Aug 30, 2021, 11:25 a.m.
Bitcoin is consolidating after buyers took profits near the $50,000 resistance level last week. The cryptocurrency is holding support around $48,000 and is down 3% over the past seven days.
The breakout above $42,000 and $46,000 could keep buyers active at support, which should relieve some upside exhaustion signals on the charts.
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- Bitcoin is holding the 100-period moving average on the four-hour chart, which consistently provided support on pullbacks over the past week.
- However, upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.
- The relative strength index (RSI) is declining from overbought levels on both the four-hour and daily chart. This typically reflects a healthy consolidation after a series of price breakouts.
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Bitcoin's massive underperformance to stocks in Q4 bodes well for January, says K33's Lunde
After an active morning Tuesday, bitcoin flattened out in afternoon trading around the $87,500 area, up 2% over the past 24 hours.
What to know:
- Bitcoin held in the $87,500 in U.S. afternoon action on Tuesday, up 2% over the past 24 hours.
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