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
Updated Jan 5, 2022 at 8:28 p.m. UTC

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.

DISCLOSURE

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Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio manager at Cannon Advisors, which does not invest in digital assets. Damanick does not own cryptocurrencies.