Bitcoin in recovery mode, resistance at $48k-$50k
|Bitcoin (BTC) is recovering after a volatile sell-off last week and is up about 3% over the past 24 hours. The cryptocurrency faces resistance around the $48,000 to $50,000 price range, which could limit upside moves over the short-term.
Buyers continue to defend the 200-day moving average around $45,000 as downside momentum wanes.
-
The relative strength index (RSI) on the four-hour chart is approaching overbought levels similar to last week, which preceded a sell-off.
-
However, the RSI is rising from neutral levels on the daily chart, which could keep buyers active towards the $50,000 resistance level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.