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Bitcoin Holds Support; Approaching $50K Resistance
Bitcoin's uptrend is improving despite brief pullbacks.
Updated Mar 6, 2023, 3:09 p.m. Published Aug 16, 2021, 11:23 a.m.
Bitcoin (BTC) is holding support above $42,000 and could face resistance near $50,000 as short-term momentum behind the short-squeeze rally fades. The cryptocurrency was trading around $47,400 at press time and is up 3% over the past 24 hours.
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The short-term uptrend remains intact despite several overbought pullbacks that were resolved to the upside. Bitcoin remains in breakout mode after rallying past $42,000, which marked the completion of a two-month consolidation phase.
- The relative strength index (RSI) on the four-hour chart is near overbought levels, which typically precede brief pullbacks. The last extreme overbought reading on July 26 occurred before a 10% pullback.
- Bitcoin has maintained a series of higher price highs since the Aug. 6 breakout above $42,000. This means buyers continue to defend support levels as the broader uptrend improves.
- The weekly chart has positive momentum signals similar to the start of a crypto rally around November 2020.
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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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