The cryptocurrency is up 4% over the past 24 hours and is attempting to establish a higher price range on the charts.
A decisive breakout above $46,000 is needed to shift the four-month-long downtrend. Typically, price rallies stall after retracing 50% of the prior down move, similar to what occurred in September 2021 around the $50,000 price level.
Still, a bearish set-up remains on the monthly chart, which means upside could be limited.
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