Bitcoin oversold at support, resistance at $47k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) is holding support above $40,000, which could stabilize the pullback and encourage short-term buyers to return. However, upside appears to be limited given strong resistance around $47,000-$50,000.

The cryptocurrency was trading around $42,000 at press time and is down 2% over the past 24 hours.

The relative strength index (RSI) is the most oversold since July 20, which preceded a near 60% short-squeeze rally from the $30,000 support level.
On the weekly chart, however, the RSI is neutral, suggesting price could consolidate for a few more days.
For now, BTC found support at the 100-day moving average, currently around $40,000. If broken, lower support is seen around $37,500, which is the middle of a four-month price range.

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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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