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Bitcoin Struggles at Resistance; Support Near $48K
Initial support around $48K could stabilize the pullback.
Updated Mar 6, 2023, 3:10 p.m. Published Aug 24, 2021, 11:11 a.m.
Bitcoin (BTC) sellers returned at the $50,000 resistance level on Monday and remained active during Asian trading hours. The cryptocurrency was trading around $49,300 at press time and is up about 11% over the past week. Initial support is seen around $48,000, which could stabilize the pullback.
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- Bitcoin is currently testing the 100-period moving average on the hourly chart, although the relative strength index (RSI) is not yet oversold.
- Selling pressure could subside at lower support levels between $45,000 and $48,000.
- The Aug. 6 breakout above $42,000 is encouraging, especially given the return of upside momentum.
- Buyers will need to defend support to yield the next upside target towards $55,000.
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Bitcoin gets 'base case' price target of $143,000 at Citigroup
The Wall Street bank said its bitcoin forecast relies on further crypto ETF inflows and a continued rally in traditional equity markets.
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- Citigroup's base case for bitcoin (BTC) is a rise to $143,000 in 12 months.
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- The bear case sees bitcoin falling to $78,500 amid a global recession, while the bull case predicts a rise to $189,000 due to increased investor demand.
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