Bitcoin
$62,173.63-3.21%
Ethereum
$3,046.31-2.67%
Binance Coin
$533.59-5.08%
Solana
$131.52-8.89%
XRP
$0.48515709-1.87%
Dogecoin
$0.15075908-2.37%
Toncoin
$6.01-10.75%
Cardano
$0.45029203-3.46%
Shiba Inu
$0.00002215-0.82%
Avalanche
$33.93-8.15%
Tron
$0.11002497-2.27%
Wrapped Bitcoin
$60,681.23-6.12%
PlayIconNav
Crypto Prices CoinDesk 20 Index CoinDesk 20 Index
Consensus 2024Price Increase Extension Ends In
04
DAYS
04
HR
59
MIN
33
SEC
Markets

Bitcoin Holding Support; Stuck Below $50K Resistance

Upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.

By Damanick Dantes
AccessTimeIconAug 30, 2021 at 11:25 a.m. UTC
Updated May 11, 2023 at 4:33 p.m. UTC
Bitcoin four-hour price chart shows short-term support and resistance levels.

Bitcoin four-hour price chart shows short-term support and resistance levels.

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 is consolidating after buyers took profits near the $50,000 resistance level last week. The cryptocurrency is holding support around $48,000 and is down 3% over the past seven days.

The breakout above $42,000 and $46,000 could keep buyers active at support, which should relieve some upside exhaustion signals on the charts.

  • Bitcoin is holding the 100-period moving average on the four-hour chart, which consistently provided support on pullbacks over the past week.
  • However, upside appears to be limited towards $50,000-$55,000, given signs of slowing momentum and strong overhead resistance.
  • The relative strength index (RSI) is declining from overbought levels on both the four-hour and daily chart. This typically reflects a healthy consolidation after a series of price breakouts.


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.

Damanick Dantes
Damanick Dantes

Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.

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.