Bitcoin in recovery mode, resistance at $48k-$50k

Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.

Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.

• The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.

• However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.