Bitcoin in pullback mode, support near $45k

CoinDesk Analysis Team CoinDesk

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 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.

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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.

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