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Bitcoin Struggles at Resistance; Support Near $48K

Initial support around $48K could stabilize the pullback.

By Damanick Dantes
Updated Mar 6, 2023, 3:10 p.m. Published Aug 24, 2021, 11:11 a.m. 1 min read
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Bitcoin (BTC) sellers returned at the $50,000 resistance level on Monday and remained active during Asian trading hours. The cryptocurrency was trading around $49,300 at press time and is up about 11% over the past week. Initial support is seen around $48,000, which could stabilize the pullback.

  • Bitcoin is currently testing the 100-period moving average on the hourly chart, although the relative strength index (RSI) is not yet oversold.
  • Selling pressure could subside at lower support levels between $45,000 and $48,000.
  • The Aug. 6 breakout above $42,000 is encouraging, especially given the return of upside momentum.
  • Buyers will need to defend support to yield the next upside target towards $55,000.
BitcoinBitcoin PriceTechnical Analysiscryptocurrencies

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