CoinDesk Analysis Team
CoinDesk
Bitcoin (BTC) is trading lower after sellers responded to resistance near $45,000. The cryptocurrency is down about 4% over the past 24 hours to $41,909 as upside momentum slows.
Support is nearby at $40,000, which could stabilize the pullback.
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The 100-period moving average on the four-hour chart continues to cap upside moves. This suggests buyers are losing strength after failing to sustain a breakout above $50,000 resistance earlier this month.
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The relative strength index (RSI) on the four-hour chart is neutral after reaching overbought levels last week, which preceded a brief 14% price bounce.
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On the hourly chart, the RSI is the most oversold since Sept. 26, suggesting intraday buyers could remain active, albeit briefly toward $43,000-$45,000 resistance.
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And on the weekly chart, upside momentum has slowed over the past two months, indicating a weaker uptrend as price rises remain limited.
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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