Bitcoin (BTC) buyers were active during Asia hours and defended support around the 200-day moving average. The cryptocurrency is testing initial resistance around $50,000 and is up about 5% over the past 24 hours. A breakout above current levels could yield further upside towards $55,000.

fxsoriginal

Bitcoin four-hour chart (CoinDesk, TradingView)

  • The relative strength index (RSI) on the four-hour chart is approaching overbought territory, which typically precedes brief pullbacks similar to August 23 when buyers failed to break above $50,000 resistance.

  • Initial support is seen at the 100-period moving average on the four-hour chart, currently around $47,800, which could stabilize a pullback.

  • Upside momentum has faded over the past few weeks, although buyers are likely to defend lower support as bitcoin consolidates.


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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