Bitcoin Stabilizes Near $50K Support After Weekend Sell-Off
BTC is poised for a short-term bounce, although upside appears to be limited.
![Bitcoin daily price chart shows support/resistance and RSI in bottom panel. (Damanick Dantes/CoinDesk, TradingView)](https://www.coindesk.com/resizer/uvD0_6P80TP3fGicHlYgFzqiZdY=/567x425/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VRL3WW6Q3FDFFC233OU3NIOBQY.png)
Bitcoin (BTC) is stabilizing above its 200-day moving average, currently at $46,000, after a near-20% sell-off over the weekend. The cryptocurrency was trading around $49,000 at the time of publication and is roughly flat over the past 24 hours and down about 15% over the past week.
The relative strength index (RSI) on the daily chart is the most oversold since July, which preceded a strong price recovery. Still, oversold conditions could persist for several days as sellers gradually exit positions.
BTC is poised for a short-term bounce, although upside appears to be limited toward the $55,000-$60,000 resistance zone. Over the long term, weekly momentum indicators have shifted negative for the first time since April, which preceded a brief crypto bear market.