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Bitcoin Drops Below $50K, Support Between $43K-$45K
Buying activity remains weak, which reduces the chance of a significant price increase into January.
Bitcoin (BTC) continued to struggle below the $50,000 resistance level on Thursday.
The short-term downtrend over the past month remains in effect, which could limit further upside beyond $50,000-$60,000.
STORY CONTINUES BELOW
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The cryptocurrency is down about 4% over the past 24 hours, although support at around the 200-day moving average (now at $46,500) could stabilize the current pullback.
BTC buying activity remains weak despite several oversold signals on the charts. This reduces the chance of a significant price increase heading into January, especially given the loss of upside momentum on the weekly and monthly charts.
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.
