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Bitcoin Consolidates Above $45K Support, Resistance at $50K
Bitcoin remains in breakout mode, although upside is limited to $50K.
Updated May 11, 2023, 5:20 p.m. Published Sep 17, 2021, 11:29 a.m. 1 min read
Bitcoin is trading sideways, indicating a period of consolidation as buyers and sellers appear to be at a stalemate. Resistance is seen around $50,000, which could limit upside into the weekend.
The cryptocurrency is holding support above the 200-day moving average, currently near $45,800. BTC is up 5% over the past week as upside momentum improves.
- The relative strength index (RSI) on the daily chart is neutral as price consolidates within a tight range.
- Bitcoin remains in breakout mode after re-testing the $42,000 support level last week, suggesting buyers could remain active over the short-term.
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BTC's three-month uptrend against gold has broken down amid strong inflows into gold and precious metals ETFs.
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- Bitcoin’s three-month uptrend versus gold has broken down.
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