CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) is trading sideways, indicating a period of consolidation as buyers and sellers appear to be at a stalemate. Resistance is seen around $50,000, which could limit upside into the weekend.
The cryptocurrency is holding support above the 200-day moving average, currently near $45,800. BTC is up 5% over the past week as upside momentum improves.
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The relative strength index (RSI) on the daily chart is neutral as price consolidates within a tight range.
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Bitcoin remains in breakout mode after re-testing the $42,000 support level last week, suggesting buyers could remain active over the short-term.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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