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.
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.
- 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.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
Why it matters:
CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11T and RWA perpetual volumes surging to a record $311B.
