Bitcoin Consolidates Above $45K Support, Resistance at $50K

Bitcoin remains in breakout mode, although upside is limited to $50K.

Sep 17, 2021 at 11:29 a.m. UTC
Updated Sep 17, 2021 at 1:22 p.m. UTC

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.

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Damanick does not own cryptocurrencies.