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Bitcoin Holds Support, Testing $50K Resistance
Short-term overbought signals could trigger a brief pullback.
Updated May 11, 2023, 4:29 p.m. Published Sep 2, 2021, 11:12 a.m.
Bitcoin buyers were active during Asian trading hours as they defended support at around the 200-day moving average. The cryptocurrency is testing initial resistance of around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside toward $55,000.
- The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to what happened on Aug. 23 when buyers failed to break above $50,000 resistance.
- Initial support is seen at the 100-period moving average on the four-hour chart of about $47,800, which could stabilize a pullback.
- Upside momentum has faded over the past few weeks, although buyers will likely defend lower support as bitcoin consolidates.
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