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Bitcoin Declines; Approaching Lower Support at $42K
Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$55,000.
Bitcoin (BTC) sellers were active over the past few days as short-term overbought signals appeared on the charts. The world’s largest cryptocurrency by market value was trading around $44,000 support at press time and is down about 2% over the past 24 hours.
STORY CONTINUES BELOW
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The next level of support is seen at the $42,000 breakout level, which could stabilize the pullback.
- The relative strength index (RSI) is approaching oversold levels on the four-hour chart, similar to Aug. 3, which preceded a price bounce.
- On the daily chart, the RSI is neutral after reaching overbought levels over the past two weeks.
- Bitcoin will need to remain above $40,000-$42,000 in order to resume the uptrend towards $50,000-$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.
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