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Bitcoin Stabilizes After Sell-Off, Resistance Near $45K-$50K
Oversold signals remain intact, although upside is limited.
Bitcoin (BTC) dipped below initial support at $45,000 on Wednesday, but later stabilized around $42,000, which is near the Dec. 5 crash low. Oversold signals remain intact, which suggest selling pressure could subside.
Given the series of lower price highs since November, support ranges and oversold readings are viewed as countertrend. This lowers the probability of significant buying strength until the downtrend is reversed.
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There is strong resistance ahead which could limit upside moves over the short term. For example, price momentum turned negative on the monthly chart, indicating a possible trend shift from bullish to bearish.
Further, bitcoin remains stuck below key moving averages and is roughly 35% below its all-time high around $69,000.
The cryptocurrency is down about 8% over the past week as buyers failed to sustain a break above $50,000.
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.
