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Bitcoin Drops Below $50K, Support Between $43K-$45K

Buying activity remains weak, which reduces the chance of a significant price increase into January.

Ni Damanick Dantes
Na-update May 11, 2023, 5:15 p.m. Nailathala Dis 9, 2021, 6:34 p.m. 1 min readIsinalin ng AI
Bitcoin four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView)
Bitcoin four-hour price chart shows support/resistance levels with RSI in second panel (Damanick Dantes/CoinDesk, TradingView)

Bitcoin BTC$73,556.90 continued to struggle below the $50,000 resistance level on Thursday.

The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.

The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.

BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.

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