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Bitcoin Oversold Near $46K Support; Resistance at $55K
The cryptocurrency could see a brief price bounce, although sellers remain in control.
Updated May 11, 2023, 5:15 p.m. Published Dec 16, 2021, 7:11 p.m. 1 min read
Bitcoin continues to hold support above $46,000, which is near its 200-day moving average. The cryptocurrency could see a brief price bounce toward $55,000 if buyers react to oversold signals on the charts.
BTC was changing hands around $47,900 at press time and has traded in a tight trading range over the past week.
Price momentum is starting to turn positive on the daily chart for the first time since October, which preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means upside could be limited beyond $55,000 to $60,000.
The relative strength index (RSI) on the daily chart is the most oversold since late-September, although buying has been weak relative to prior RSI signals.
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What to know:
- U.S. stocks and oil rallied, with the S&P 500 logging a ninth straight weekly gain and Brent crude hovering near $92 a barrel on hopes for a U.S.-Iran ceasefire extension.
- Major cryptocurrencies lagged the macro rally, with bitcoin, ether and other large-cap tokens falling around 2% to 6% amid cooling...
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