Bitcoin Stabilizes; Faces Resistance at $48K-$50K
Upside appears limited as bitcoin consolidates near support.
Bitcoin continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average, and is up about 2% over the past 24 hours.
Buyers are returning, although upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.
- The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
- Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
- BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.
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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.
