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Bitcoin Rangebound, Holding Support Above $46K

The cryptocurrency is roughly flat over the last week.

By Damanick Dantes
AccessTimeIconAug 31, 2021 at 11:19 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 with RSI.
Bitcoin four-hour price chart shows short-term support and resistance levels with RSI.
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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.

  • 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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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.

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