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Bitcoin Breaks Below Short-Term Uptrend, Lower Support Around $50K

Bitcoin's uptrend continues to slow after breaking short-term support.

Mar 23, 2021 at 11:19 a.m. UTC
Updated Sep 14, 2021 at 12:30 p.m. UTC

Sellers were active during Asia hours, pushing bitcoin (BTC) below intraday trend support. The broader uptrend continues to slow, with lower support around $50,000 and then $42,000.

  • BTC is roughly 15% below its March high after failing to sustain moves above $61,000.
  • Sideways trading over the past few days resulted in a 10% decline from trend line support on the four-hour chart.
  • The relative strength index (RSI) is now oversold on the four-hour chart, which could encourage minor short covering at current levels.
  • Resistance around $58,000 could limit short-term recoveries, especially as the longer-term trend continues to slow, as CoinDesk has reported.
  • “We expect the long-term uptrend to moderate as intermediate-term overbought conditions are absorbed,” said Katie Stockton, managing partner of Fairlead Strategies. “Initial support for bitcoin remains near $42,000, far enough below current levels to dictate attention to risk management for long positions.”

Four-hour BTC chart shows a break of uptrend support with lower support levels.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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