Bitcoin holds support, testing $50k resistance
Bitcoin (BTC) buyers were active during Asia hours and defended support around the 200-day moving average. The cryptocurrency is testing initial resistance around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside towards $55,000.
Bitcoin four-hour chart (CoinDesk, TradingView)
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The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to August 23 when buyers failed to break above $50,000 resistance.
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Initial support is seen at the 100-period moving average on the four-hour chart, currently around $47,800, which could stabilize a pullback.
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Upside momentum has faded over the past few weeks, although buyers are likely to defend lower support as bitcoin consolidates.
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.
