Bitcoin
$62,319.04+0.51%
Ethereum
$3,001.25-0.87%
Binance Coin
$544.18-1.94%
Solana
$138.22+1.52%
XRP
$0.48927567-1.67%
Toncoin
$6.86+12.32%
Dogecoin
$0.14769043-1.50%
Cardano
$0.44680832-0.92%
Shiba Inu
$0.00002206-0.94%
Avalanche
$34.02-1.22%
Wrapped Bitcoin
$61,438.41+1.30%
Tron
$0.10770978-2.22%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
01
DAY
15
HR
41
MIN
13
SEC
Markets

Bitcoin Rangebound Near $50K Resistance; Support at $40K

BTC is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.

By Damanick Dantes
AccessTimeIconAug 17, 2021 at 11:11 a.m. UTC
Updated Mar 6, 2023 at 3:34 p.m. UTC
Bitcoin daily chart
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Bitcoin (BTC) is stuck in a sideways range as the short-squeeze rally takes a breather. Buyers could start to take profits ahead of the $50,000 resistance level, although support around $40,000-$42,000 could stabilize a pullback.

The world’s largest cryptocurrency by market value was trading around $46,900 at press time and is roughly flat over the past week.

  • The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede price pullbacks. The RSI has a slight negative divergence with price as upside momentum wanes.
  • Bitcoin is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
  • Support is seen around the top of the prior two-month consolidation phase between $40,000 and $42,000. A successful re-test of these levels could yield further upside towards $50,000 and $55,000.

Disclosure

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 Block.one; 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.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.