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Bitcoin Holds Support; Next Resistance at $50K
Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels.
Автор Damanick Dantes
Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000.
- The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near-10% price decline.
- However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend.
- Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.
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Open interest held steady and funding stayed subdued during the recent liquidation wave, suggesting traders were de-risking rather than capitulating, according to HashKey Research's Tim Sun.
What to know:
- Bitcoin hovered around $77,700 after a brief drop below $77,000, with derivatives data suggesting the move was a leverage flush rather than the start of a deeper downturn.
- Analysts say the $75,000 to $77,000 range remains a key support zone, as liquidations were split between longs and shorts and did...
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