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Bitcoin Takes a Breather, Could Find Support at $50K-$52K

Upside momentum is slowing, although pullbacks could be limited into Asian trading hours.

By Damanick Dantes
AccessTimeIconOct 12, 2021 at 7:30 p.m. UTC
Updated May 11, 2023 at 5:12 p.m. UTC
Bitcoin's four-hour chart (CoinDesk, TradingView)

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Bitcoin (BTC) buyers are exiting positions as overbought signals appear on the charts. Resistance is seen at around $58,000-$60,000, the level that preceded a price drop in May. This time, however, pullbacks could be limited toward the $50,00-$52,000 support zone.

BTC was trading at around $55,600 at press time and is down 3% over the past 24 hours.

  • The relative strength index (RSI) on the four-hour chart is declining from overbought levels last week, which suggests the current pullback could extend into Asian trading hours.
  • The RSI is also overbought on the daily chart similar to early September before a price correction occurred.
  • For now, immediate support is seen at the 50-period moving average on the four-hour chart, which is at $54,000. Short-term volatility could remain elevated as indicators show a stalemate between buyers and sellers.

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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.

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