Bitcoin (BTC) returned above $47,000 for the first time in two weeks, indicating strong demand from short-term buyers. The next level of resistance is seen at $50,000, where some profit taking occurred in early September.
Technical indicators show improving upside momentum on the daily chart, which is the first positive reading since July. This means the intermediate-term uptrend is stabilizing, albeit within a range of $40,000 support and $50,000 resistance.
- The relative strength index (RSI) is not yet overbought on the daily chart, which could keep buyers active over the short term.
- On the weekly chart, the RSI is neutral, and upside momentum remains weak. This suggests a period of consolidation could persist below the $50,000 to $55,000 resistance range.
- Buyers defended support around $40,000 over the past few days, which is also where a price breakout occurred on Aug. 6. Further, BTC is back above the 200-day moving average, which provides an advantage for buyers aiming to return on pullbacks.
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.