Bitcoin above $42k support, resistance at $46k-$48k
|Bitcoin (BTC) buyers defended the $40,000-$42,000 support range over the weekend as selling pressure slows. The cryptocurrency was trading around $43,800 at press time and is up about 1.8% over the past 24 hours. The next level of resistance is around $46,000-$48,000, which could limit further upside over the short-term.
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The relative strength index (RSI) on the four-hour chart is not yet overbought, suggesting buyers could remain active towards resistance levels.
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BTC registered a series of lower price highs over the past two weeks as sellers returned around the $50,000 resistance level.
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A break above the 100-period moving average on the four-hour chart could yield further upside towards $48,000. For now, indicators show pullbacks should remain limited around the $40,000 support level.
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