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Bitcoin Stalls at Support, Resistance at $50K

Upside momentum is slowing into the weekend, which can limit price rises.

Sep 10, 2021 at 11:33 a.m. UTC
Updated Sep 10, 2021 at 2:44 p.m. UTC

Bitcoin (BTC) is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.

The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July.

  • The relative strength index (RSI) on the daily chart continues to decline from overbought levels over the past month.
  • The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase.
  • Resistance remains strong between $50,000 and $55,000, as the nearly 70% price rally from $30,000 in July appears to be exhausted.

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Damanick does not own cryptocurrencies.

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