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Bitcoin Oversold Near $46K Support; Resistance at $55K
The cryptocurrency could see a brief price bounce, although sellers remain in control.
Updated May 11, 2023, 5:15 p.m. Published Dec 16, 2021, 7:11 p.m.
Bitcoin continues to hold support above $46,000, which is near its 200-day moving average. The cryptocurrency could see a brief price bounce toward $55,000 if buyers react to oversold signals on the charts.
BTC was changing hands around $47,900 at press time and has traded in a tight trading range over the past week.
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Price momentum is starting to turn positive on the daily chart for the first time since October, which preceded a price recovery. This time, however, the uptrend is slowing on the weekly chart, which means upside could be limited beyond $55,000 to $60,000.
The relative strength index (RSI) on the daily chart is the most oversold since late-September, although buying has been weak relative to prior RSI signals.
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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.
Lo que debes saber:
- 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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