Bitcoin Stabilizes; Faces Resistance at $48K-$50K

Bitcoin (BTC) continues to consolidate above the $42,000 support level as short-term momentum improves. The cryptocurrency was trading around $45,900 at press time, which is near the 200-day moving average, and is up about 2% over the past 24 hours.

Buyers are returning, although upside appears to be limited towards $48,000 to $50,000 resistance over the short-term.

The relative strength index (RSI) on the four-hour chart is rising from oversold levels last week and is not yet overbought. This could encourage a brief price bounce.
Bitcoin remains below the 100-period moving average on the four-hour chart, which was rejected during the sell-off last week.
BTC will likely consolidate around the current support zone, albeit vulnerable to higher volatility.

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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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