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Markets

Bitcoin Pulls Back From Resistance, Support at $49K-$50K

Pullbacks appear to be limited given breakouts on the charts.

By Damanick Dantes
AccessTimeIconSep 7, 2021 at 8:23 p.m. UTC
Updated May 11, 2023 at 4:35 p.m. UTC
Bitcoin four-hour price chart. (CoinDesk, TradingView)

Bitcoin (BTC) is declining after testing resistance near $52,000 on Monday. Initial support is seen at the $50,000 breakout level where buyers displayed strength last week. The cryptocurrency is trading around $51,000 at press time and is up about 8% over the past week.

  • The upward sloping 100-period moving average on the four-hour chart could stabilize the short-term pullback above $49,000.
  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels, which preceded profit taking during Asian hours.
  • The RSI continues to diverge from bitcoin’s rally over the past month, signaling slowing upside momentum. However, pullbacks appear to be limited given multiple breakouts on the charts.
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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.