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Bitcoin Holding Support Above $46K; Resistance at $48K-$51K
BTC buyers could remain active over the short-term.
Updated May 11, 2023, 6:15 p.m. Published Mar 30, 2022, 6:11 p.m.
Bitcoin (BTC) is attempting to break above a tight trading range between $46,000 and $48,000 as momentum remains positive.
The cryptocurrency was trading at about $47,600 at press time and is up 10% over the past week.
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Initial resistance is seen at the 200-day moving average, currently at $48,312, which could stall the price rally. Still, there is stronger resistance at $50,966, suggesting that buyers could remain active over the short term.
The relative strength index (RSI) on the daily chart ticked higher and is firmly in the overbought zone. Previous overbought signals, however, lasted for three months before a significant sell-off in price.
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Japan’s Higher Rates Puts Bitcoin in the Crosshairs of a Yen Carry Unwind
A stronger yen typically coincides with de-risking across macro portfolios, and that dynamic could tighten liquidity conditions that recently helped bitcoin rebound from November’s lows.
What to know:
- The Bank of Japan is expected to raise interest rates to 0.75% at its December meeting, the highest since 1995, affecting global markets including cryptocurrencies.
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- Governor Kazuo Ueda indicated a high probability of a rate hike, with officials prepared for further tightening if their economic outlook supports it.
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