Bitcoin Dips Below $46K, Support Around $42K

Bitcoin (BTC) continues to fade after last week’s sell-off from the $52,000 resistance level. Buyers were unable to hold support at the 200-day moving average around $46,000, although the pullback could stabilize around the $42,000 breakout level achieved in early August.

The long-term uptrend is weakening as sellers attempt to establish a lower price high since April. Upside appears to be limited given signs of slowing momentum and resistance around $50,000-$55,000.

The relative strength index (RSI) on the four-hour chart is rising from oversold levels over the past few days.
Buyers could return near $42,000 support, although resistance around $48,000 could limit price rises.
BTC is trading within a tight range, which means price is consolidating after a nearly 15% decline over the past week.

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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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