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Bitcoin Stabilizes at Support; Faces Resistance at $45K
BTC held support around $30K and upside appears limited towards $45K with high volatility into the weekend.
Updated Mar 6, 2023, 3:30 p.m. Published May 21, 2021, 11:47 a.m.
Bitcoin (BTC) is in recovery mode after a sharp correction this week. The cryptocurrency held support near $30,000 and was trading around $40,000 at press time. Volatility should remain high into the weekend and next week with upside limited towards $45,000 resistance.
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- The relative strength index (RSI) on the daily chart is oversold, which could keep buyers active at support levels.
- Bitcoin returned above the 100-day moving average, which should stabilize selling pressure.
- The broader uptrend is weakening but price will have to stay above $40,000 to maintain a bullish outlook.
- Resistance is seen around the 50-day volume-weighted moving average around $45,000, which could limit price recoveries over the short term.
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