Bitcoin (BTC) is trading sideways, indicating a period of consolidation as buyers and sellers appear to be at a stalemate. Resistance is seen around $50,000, which could limit upside into the weekend.
The cryptocurrency is holding support above the 200-day moving average, currently near $45,800. BTC is up 5% over the past week as upside momentum improves.
- The relative strength index (RSI) on the daily chart is neutral as price consolidates within a tight range.
- Bitcoin remains in breakout mode after re-testing the $42,000 support level last week, suggesting buyers could remain active over the short-term.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.