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Markets

Bitcoin Rangebound Ahead of $48K-$50K Resistance

Oversold signals on intraday charts could support brief buying.

By Damanick Dantes
AccessTimeIconSep 9, 2021 at 11:30 a.m. UTC
Updated May 11, 2023 at 4:35 p.m. UTC
Bitcoin four-hour price chart (CoinDesk, TradingView)

Bitcoin (BTC) is stuck in a tight range as sellers take a breather from this week’s sell-off. The cryptocurrency is oversold on intraday charts, which could encourage buyers to step in, albeit limited towards the $50,000 resistance level.

BTC was trading around $46,200 at press time and is down 6% over the past week.

  • The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
  • However, the RSI is neutral on the daily and weekly chart, suggesting a period of consolidation between $42,000 support and $50,000 resistance could persist.
  • Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.

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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.