Bitcoin is off to a slow start as traders ring in the new year. The cryptocurrency is down about 8% over the past week as demand from buyers slowed. The current price of around $46,000 is near the bottom of a two-week-long price range, which previously led to higher bids for BTC.
BTC will need to return above its 200-day moving average, currently at $47,962, to yield further upside targets. The next level of resistance is seen at around $52,000, which could limit short-term gains.
For now, price momentum is slowing ahead of the Asian trading day, as buyers and sellers appear to be in a stalemate.
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