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Markets

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

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

By Damanick Dantes
AccessTimeIconSep 16, 2021 at 11:32 a.m. UTC
Updated May 11, 2023 at 4:33 p.m. UTC
Bitcoin four-hour price chart (CoinDesk, TradingView)

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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CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies 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 with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Damanick Dantes
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.