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

CoinDesk Analysis Team CoinDesk

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.

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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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