Bitcoin rangebound ahead of $48k-$50k resistance
|Bitcoin (BTC) is stuck in a tight range as sellers take a breather from this week’s sell-off. The cryptocurrency is oversold on intraday charts, which could encourage buyers to step in, albeit limited towards the $50,000 resistance level.
BTC was trading around $46,200 at press time and is down 6% over the past week.
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The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
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However, the RSI is neutral on the daily and weekly chart, suggesting a period of consolidation between $42,000 support and $50,000 resistance could persist.
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Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.
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