Bitcoin holds $40k support, initial resistance at $47k

Bitcoin (BTC) is stabilizing as buyers defended support around the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside towards the $47,000 resistance level.

BTC was trading around $43,000 at press time and is roughly flat over the past 24 hours.

• The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price rises.

• Bitcoin faces initial resistance at the 100-period moving average on the four-hour chart, currently around $47,000, and then at $50,000, where buyers have continuously taken profits.