Bitcoin stabilizes, faces resistance at $48k-$50k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC) continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average, and is up about 2% over the past 24 hours.

Buyers are returning, although upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.

The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.

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.

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