Bitcoin Holds Support; Next Resistance at $50K

Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels.

Bitcoin Holds Support; Next Resistance at $50K
1 min read

Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000.

Bitcoin Holds Support; Next Resistance at $50K

  • The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near 10% price decline.
  • However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend.
  • Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.