Bitcoin (BTC) is stabilizing after a 3% price drop during the New York trading day.
BTC was trading around $46,000 at press time and is down 3% over the past week.
Momentum signals remain negative on the daily chart, similar to what occurred in early February. This time, however, bitcoin has broken above $43,000 with positive momentum on the weekly chart. That means buyers could remain active on pullbacks.
The relative strength index (RSI) on the daily chart is declining from overbought levels, similar to what occurred in October of last year. Still, overbought signals can persist for a few months before a significant downturn in price.
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