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Bitcoin Holds Support; Next Resistance at $50K
Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels.
Updated Mar 6, 2023, 3:39 p.m. Published Aug 9, 2021, 11:25 a.m.
Bitcoin (BTC) rallied above $45,000 as upside momentum improved over the past two weeks. The next level of resistance is seen at $50,000, which could limit further upside given short-term overbought signals. Bitcoin is up about 2% over the past 24 hours – around $45,600 at press time and holding support above $40,000.
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- The relative strength index (RSI) on the daily chart is overbought for the second time since July 31, which preceded a near-10% price decline.
- However, the weekly RSI is rising from neutral levels with a positive momentum signal for the first time since October 2020, which reignited the long-term uptrend.
- Buyers could remain active on pullbacks this week as bitcoin cleared important technical levels such as the 100-day moving average.
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Bitcoin trades near key price safety net that Strategy already breached
The safety net is the 100-week average, which has stalled the downtrend.
What to know:
- Bitcoin trades near a critical 100-week simple moving average, a key support level for bulls.
- Strategy shares have already fallen below this average, signaling potential bearish trends for bitcoin.
- Bulls must defend this support to prevent further declines similar to Strategy's recent losses.
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