Bitcoin declines from $48k resistance, support at $45k
Bitcoin (BTC) buyers are struggling around the $48,000 resistance level as short-term indicators reached overbought levels over the weekend. The next level of support is seen around $45,000, which could stabilize the pullback
BTC was trading around $47,000 at press time and is roughly flat over the past 24 hours. Still, the cryptocurrency is up 13% over the past week as buyers continued to defend lower support around $40,000.
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The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which means short-term buyers could exit positions around current resistance levels.
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The last time BTC approached the $48,000 resistance was on Sept. 18, which preceded a near 18% sell-off.
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Upside momentum on the weekly chart continues to slow, suggesting a period of consolidation could persist between $40,000 support and $50,000 resistance.
Author
CoinDesk Analysis Team
CoinDesk
CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.
