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

Upside appears to be limited towards $50,000.

AccessTimeIconSep 15, 2021 at 11:24 a.m. UTC
Updated May 11, 2023 at 6:36 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.

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.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.