Bitcoin (BTC) returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000, where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilizing, albeit within a range of $40,000 support and $50,000 resistance.
The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short-term.
On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000-$55,000 resistance range.
Buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on August 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.