Bitcoin stalls at support, resistance at $50k
|Bitcoin (BTC) is roughly flat over the past 24 hours, settling near the $46,000 support level. Upside appears to be limited towards $50,000 resistance as momentum slows into the weekend.
The sell-off is stabilizing, leaving BTC down about 7% over the past week. Buyers will need to defend support above the $42,000 breakout level to resume the relief rally from July.
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The relative strength index (RSI) on the daily chart continues to decline from overbought levels over the past month.
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The current neutral reading on the RSI is similar to June and July, which occurred during consolidation phase.
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Resistance remains strong between $50,000 and $55,000 as the near 70% price rally from $30,000 in July appears to be exhausted.
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