Bitcoin in Recovery Mode, Resistance at $48K-$50K

Upside appears to be limited towards $50,000.

Sep 15, 2021 at 11:24 a.m. UTC
Updated Sep 15, 2021 at 1:49 p.m. UTC

Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.

Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.

- The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.

- However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.

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