Bitcoin stuck in sideways chop, support above $46k

CoinDesk Analysis Team CoinDesk

Bitcoin (BTC, -0.24%) is trending lower on intraday charts, continuing a week-long consolidation as buyers take a breather. The cryptocurrency was trading around $47,500 at press time and is down about 2% over the past week. Initial support is seen around $46,000.

The consolidation phase has created choppy trading conditions as upside momentum fades over the short-term.

Bitcoin hourly chart

The relative strength index (RSI) on the hourly chart is rising from oversold levels, keeping buyers active above the $46,000 support level.
There is immediate resistance around $48,000 and then $50,000, where buyers have taken profits over the past few weeks.
Bitcoin is currently trading around the 200-day moving average support zone near $46,000. A break below that level could trigger lower support around the 50-day moving average at $40,000.

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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