Bitcoin pulls back ahead of $50K resistance, support at $46K

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short-term. The cryptocurrency was trading around $47,000 at press time and support is nearby around the $46,000 price level.

There is strong resistance near $50,000, which can limit upside moves. However, buyers will likely defend lower support levels as BTC consolidates.

The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. This could encourage brief selling towards $46,000 support.
The RSI on the daily chart is around neutral levels, indicating a period of price consolidation could persist around the 200-day moving average, currently at $45,800.
Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.

Author

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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