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Bitcoin in Recovery Mode, Resistance at $48K-$50K
Upside appears to be limited towards $50,000.
Updated May 11, 2023, 6:36 p.m. Published Sep 15, 2021, 11:24 a.m.
Bitcoin is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.
Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.
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- The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.
- However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.
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