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Bitcoin Rangebound Near $50K Resistance; Support at $40K
BTC is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
Updated Mar 6, 2023, 3:34 p.m. Published Aug 17, 2021, 11:11 a.m.
Bitcoin (BTC) is stuck in a sideways range as the short-squeeze rally takes a breather. Buyers could start to take profits ahead of the $50,000 resistance level, although support around $40,000-$42,000 could stabilize a pullback.
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The world’s largest cryptocurrency by market value was trading around $46,900 at press time and is roughly flat over the past week.
- The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede price pullbacks. The RSI has a slight negative divergence with price as upside momentum wanes.
- Bitcoin is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
- Support is seen around the top of the prior two-month consolidation phase between $40,000 and $42,000. A successful re-test of these levels could yield further upside towards $50,000 and $55,000.
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These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
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