Share this article
BTC
$85,137.23
+
0.62%ETH
$1,616.97
+
1.46%USDT
$0.9996
+
0.01%XRP
$2.0878
+
0.03%BNB
$590.56
-
0.70%SOL
$138.54
+
3.36%USDC
$0.9997
+
0.01%DOGE
$0.1573
-
0.57%TRX
$0.2415
+
0.07%ADA
$0.6254
-
0.23%LEO
$9.3022
+
0.81%LINK
$12.94
+
2.52%AVAX
$19.97
+
4.51%XLM
$0.2469
+
1.83%TON
$2.9550
-
1.69%SHIB
$0.0₄1226
-
0.86%HBAR
$0.1659
+
0.13%SUI
$2.1567
+
0.64%BCH
$334.11
-
2.46%HYPE
$17.81
+
5.05%Sign Up
- Back to menuPrices
- Back to menuResearch
- Back to menuConsensus
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars & Events
Bitcoin Rangebound Near $50K Resistance; Support at $40K
BTC is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
Bitcoin (BTC) is stuck in a sideways range as the short-squeeze rally takes a breather. Buyers could start to take profits ahead of the $50,000 resistance level, although support around $40,000-$42,000 could stabilize a pullback.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The world’s largest cryptocurrency by market value was trading around $46,900 at press time and is roughly flat over the past week.
- The relative strength index (RSI) on the daily chart is declining from overbought levels, which typically precede price pullbacks. The RSI has a slight negative divergence with price as upside momentum wanes.
- Bitcoin is trading around the 200-day moving average and will need to break out of a short-term range to resume the uptrend.
- Support is seen around the top of the prior two-month consolidation phase between $40,000 and $42,000. A successful re-test of these levels could yield further upside towards $50,000 and $55,000.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
