Bitcoin Sell-Off Leaves Cryptocurrency in Weakening Short-Term Trend

The daily RSI is approaching oversold territory, which could attract short-term buyers.

AccessTimeIconApr 23, 2021 at 11:21 a.m. UTC
Updated Mar 6, 2023 at 3:27 p.m. UTC

Bitcoin (BTC) broke below short-term support around $50,000 during Asia hours. The cryptocurrency was trading around $49,500 at press time and is now oversold on intraday charts, which could stabilize the decline.

  • BTC’s April 17 price low just below $51,000 was taken out, which triggered oversold readings on the four-hour relative strength index (RSI).
  • The daily RSI is also approaching oversold territory, which could attract short-term buyers.
  • However, there is strong resistance around $54,000-$55,000, which could limit price recoveries.
  • BTC is now roughly 27% below the April 14 all-time high just below $65,000. This suggests the short-term trend is weakening as BTC approaches stronger support around the $42,000 level.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.