Bitcoin (BTC) buyers continued to take profits during Asia hours as short-term overbought signals appeared on the charts. The cryptocurrency is trading around initial support at $47,500 at press time and is down about 3% over the past 24 hours. A lower support zone between $42,000-$45,000 could stabilize the pullback.

Bitcoin

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 approaching oversold territory similar to April 18, which preceded a price bounce.

  • However, the RSI on the daily chart is declining from overbought levels as buyers struggled near the $50,000 resistance level.

  • Bitcoin’s 30% rally over the past month appears to be exhausted, although support above the $42,000 breakout should hold.

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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