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.