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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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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
What to know:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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