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.
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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.
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Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
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BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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