Bitcoin Steady Near $45K Support; Resistance at $53K
BTC is at the bottom of a month-long price range, and upside appears limited.
Jan 5, 2022 at 7:39 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/YRBPPB2POZD4FOSLINKJUCBLCE.png)
Bitcoin daily price chart shows support/resistance with RSI on bottom (Damanick Dantes/CoinDesk, TradingView)
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Bitcoin (BTC) is holding steady around $45,000 – a key support level, near the bottom of a month-long price range. Buyers will need to clear $47,000 to yield a short-term upside target toward $53,000 this week.
If support does not hold, a pullback will likely stabilize around $42,000, which is near the Dec. 5 crash low.
For now, the relative strength index (RSI) on the daily chart remains in an oversold range, which typically precedes a short-term price bounce.
Still, the recent decline in upside momentum is a concern. There is strong resistance ahead, which could limit price gains this month.
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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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