Bitcoin Rangebound, Holding Support Above $46K

The cryptocurrency is roughly flat over the last week.

Aug 31, 2021 at 11:19 a.m. UTC
Updated Aug 31, 2021 at 1:33 p.m. UTC

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

Bitcoin BTC registered a series of lower price highs over the past few days as buyers continue to take profits. The cryptocurrency is stuck in a tight range between $46,000 support and $50,000 resistance and is roughly flat over the past week.

A consolidation phase is likely to persist this week as the Aug. 6 price breakout above $42,000 appears to be exhausted.

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

  • The relative strength index (RSI) is almost oversold on the four-hour chart, similar to Aug. 19 and Aug. 26, which preceded brief price bounces.
  • Initial support is seen at around the 100-period moving average of $47,000 on the four-hour chart.
  • Short-term momentum is deteriorating, which is typical during a consolidation phase. If the $46,000 support level is broken, however, there is risk of a deeper pullback toward the $42,000 breakout level.
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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

CoinDesk - Unknown

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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