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Bitcoin Declines From $48K Resistance; Support at $45K
Short-term indicators show bitcoin is overbought.
Updated May 11, 2023, 5:20 p.m. Published Oct 4, 2021, 11:21 a.m. 1 min read
Bitcoin buyers are struggling around the $48,000 resistance level as short-term indicators reached overbought levels over the weekend. The next level of support is seen around $45,000, which could stabilize the pullback.
BTC was trading around $47,000 at press time and was roughly flat over the past 24 hours. Still, the cryptocurrency is up 13% over the past week as buyers continued to defend lower support around $40,000.
- The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels.
- The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off.
- Upside momentum on the weekly chart continues to slow, suggesting a period of consolidation could persist between $40,000 support and $50,000 resistance.
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CNBC reported Tuesday that Musk is discussing a merger between Tesla and SpaceX that would tie his tech empire closer together and instantly create the world’s fifth-largest corporate bitcoin treasury, worth $3.3 billion.
What to know:
- Elon Musk is exploring a potential merger of Tesla and SpaceX, a move that would deepen operational overlap in areas such as power infrastructure and AI-related computing.
- A combined Tesla-SpaceX entity would control about 30,221 bitcoin, worth roughly $3.3 billion, making it the fifth-largest public corporate holder of the cryptocurrency.
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