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Bitcoin Dips From $48K Resistance; Support at $43K
BTC is declining from overbought levels.
Updated May 11, 2023, 6:15 p.m. Published Mar 31, 2022, 6:48 p.m.
Bitcoin (BTC) is in pullback mode after sellers responded to resistance at $48,000. The cryptocurrency could find support at $43,000 into the Asia trading day, which could stabilize the down move.
BTC was trading around $45,800 at press time and is down 3% over the past 24 hours.
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The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede pullbacks in price. On the weekly chart, however, the RSI is neutral with positive momentum readings. That means buyers could remain active at lower support levels.
Still, BTC is attempting to break below a two-week long uptrend, similar to what occurred in early February, which preceded a brief price drop.
For now, buyers will need to maintain the breakout above $45,000 to yield an upside target toward $50,966.
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