Bitcoin Pulls Back Ahead of $50K Resistance, Support at $46K

Upside momentum is improving, which suggests pullbacks could be limited.

Sep 16, 2021 at 11:32 a.m. UTC
Updated Sep 16, 2021 at 2:48 p.m. UTC

Bitcoin (BTC) is roughly flat over the past 24 hours as upside momentum wanes over the short term. The cryptocurrency was trading at around $47,000 at press time, and support is nearby at about $46,000.

There is strong resistance near $50,000, which can limit upside moves. Buyers, however, will likely defend lower support levels as BTC consolidates.

  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels reached on Wednesday. That could encourage brief selling toward $46,000 support.
  • The RSI on the daily chart is around neutral levels, indicating that a period of price consolidation could persist at around the 200-day moving average of $45,800.
  • Upside momentum is slowing on intraday charts, but improving on the daily and weekly charts, which suggests pullbacks could be limited.

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Damanick does not own cryptocurrencies.