Bitcoin rises to $50k, next resistance around $52k-$55k
Bitcoin (BTC) is trading around $50,000 for the first time since early September as short-term momentum improves. The cryptocurrency has broken above a series of lower price highs last month and indicators suggest continued upside, initially toward the $52,000-$55,000 resistance range. (Resistance is the price at which the price of an asset meets pressure on its way up by the emergence of a growing number of sellers who wish to sell at that price.)
The sell-off last month was limited to the 100-day moving average around $40,000, which is also where a breakout occurred on Aug. 6. Buyers gathered strength as the price consolidated for several days, which preceded a fresh breakout above $46,000 last week.
-
The relative strength index (RSI) on the daily chart is not yet overbought, suggesting short-term buyers could remain active toward upper resistance levels.
-
A decisive breakout above $50,000 could yield further upside toward the all-time high near $60,000, although buyers could start to take profits ahead of that level, given the slowing momentum seen on the weekly chart.
-
For now, the intermediate-term trend is improving, with limited corrections and rising support levels.
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.
