Bitcoin Struggles at Resistance; Support Near $48K

Bitcoin (BTC) sellers returned at the $50,000 resistance level on Monday and remained active during Asian trading hours. The cryptocurrency was trading around $49,300 at press time and is up about 11% over the past week. Initial support is seen around $48,000, which could stabilize the pullback.

Bitcoin is currently testing the 100-period moving average on the hourly chart, although the relative strength index (RSI) is not yet oversold.
Selling pressure could subside at lower support levels between $45,000 and $48,000.
The Aug. 6 breakout above $42,000 is encouraging, especially given the return of upside momentum.
Buyers will need to defend support to yield the next upside target towards $55,000.

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Damanick Dantes

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