Bitcoin rangebound ahead of $48k-$50k resistance

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) is stuck in a tight range as sellers take a breather from this week’s sell-off. The cryptocurrency is oversold on intraday charts, which could encourage buyers to step in, albeit limited towards the $50,000 resistance level.

BTC was trading around $46,200 at press time and is down 6% over the past week.

The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
However, the RSI is neutral on the daily and weekly chart, suggesting a period of consolidation between $42,000 support and $50,000 resistance could persist.
Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.

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CoinDesk Analysis Team

CoinDesk

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