Bitcoin Holds $40K Support, Initial Resistance at $47K
Oversold conditions could stabilize the pullback toward $47K resistance.
Updated Dec 28, 2022 at 9:00 p.m. UTC
![Bitcoin four-hour price chart (CoinDesk, TradingView)](https://www.coindesk.com/resizer/5hfyq_1cLR2M5vHZlX-XxRWRl_M=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/L2VM22Z5IBB4FI5O5D5T2J5OSA.png)
Bitcoin (BTC) is stabilizing as buyers defended support at the $40,000-$42,000 breakout range. The cryptocurrency is oversold on intraday charts, which could encourage further upside toward the $47,000 resistance level.
BTC was trading at about $43,000 at press time and is roughly flat over the past 24 hours.
- The relative strength index (RSI) on the four-hour chart is deeply oversold, which typically precedes short-term price increases.
- Bitcoin faces initial resistance at its 100-period moving average on the four-hour chart at about $47,000, and then at $50,000, where buyers have continuously taken profits.