Bitcoin rangebound, holding support above $46K

CoinDesk Analysis Team CoinDesk

Bitcoin bitcoin (BTC, 0.66%) registered a series of lower price highs over the past few days as buyers continue to take profits. The cryptocurrency is stuck in a tight range between $46,000 support and $50,000 resistance and is roughly flat over the past week.

A consolidation phase is likely to persist this week as the Aug. 6 price breakout above $42,000 appears to be exhausted.

Bitcoin four-hour price chart

The relative strength index (RSI) is almost oversold on the four-hour chart, similar to August 19 and August 26, which preceded brief price bounces.
Initial support is seen around the 100-period moving average on the four-hour chart, currently around $47,000.
Short-term momentum is deteriorating, which is typical during a consolidation phase. However, if $46,000 support is broken, there is risk of a deeper pullback towards the $42,000 breakout 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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