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Bitcoin stalls at support, resistance at $50k

Bitcoin stalls at support, resistance at $50k
CoinDesk Analysis TeamCoinDesk Analysis TeamCoinDesk

Bitcoin (BTC) is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.

The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July.

  • The relative strength index (RSI) on the daily chart continues to decline from overbought levels over the past month.

  • The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase.

  • Resistance remains strong between $50,000 and $55,000 as the near 70% price rally from $30,000 in July appears to be exhausted.

Author

CoinDesk Analysis Team

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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