Bitcoin rangebound, holding support above $46K
Bitcoin (BTC, 1.61%) 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 shows short-term support and resistance levels with RSI.
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The relative strength index (RSI) is almost oversold on the four-hour chart, similar to Aug. 19 and Aug. 26, which preceded brief price bounces.
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Initial support is seen at around the 100-period moving average of $47,000 on the four-hour chart.
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Short-term momentum is deteriorating, which is typical during a consolidation phase. If the $46,000 support level is broken, however, there is risk of a deeper pullback toward the $42,000 breakout level.
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.
