Bitcoin holds support near $43k as rally pauses
Bitcoin (BTC) held initial support above $43,000 during Asian trading hours as intraday charts appear to be oversold. The cryptocurrency was trading at around $45,300 at press time and is down 3% over the past 24 hours. Buyers are taking a breather after a near 13% rally month to date and will likely defend breakout support near $42,000.
Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.
Source: TradingView
-
The relative strength index (RSI) on the four-hour chart is almost oversold, which suggests the current pullback could stabilize around support levels.
-
Initial support is seen at the 100-period moving average on the four-hour chart near $43,000 and then at the $42,000 breakout level.
-
Buyers will need to make a decisive move above $50,000 resistance to resume the uptrend.
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.
