CoinDesk Analysis Team
CoinDesk
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.
-
The relative strength index (RSI) is oversold on the four-hour chart, which typically precedes a price bounce.
-
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.
-
Upside momentum has slowed over the past month, although buyers are defending support around the 200-day moving average at $46,000.
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.
Recommended Content
Editors’ Picks
Bitcoin slightly recovers after sharp sell-off following Fed rate cut decision
Bitcoin (BTC) recovers slightly, trading around $102,000 on Thursday after dropping 5.5% the previous day. Whales, corporations, and institutional investors saw an opportunity to take advantage of the recent dips and added more BTC to their holdings.
Aave Price Forecast: Poised for double-digit correction as holders book profit
Aave (AAVE) price hovers around $343 on Thursday after correcting more than 6% this week. The recent downturn has led to $5.13 million in total liquidations, 84% of which were from long positions.
Memecoins DOGE and PEPE approaches key levels: Eyes for a recovery
Dogecoin and Pepe prices retest their crucial support level on Thursday after declining more than 10% this week. Sideline investors seeking to accumulate dog-themed and frog-themed memecoins may consider doing so at their support levels for a potential recovery rally ahead.
Crypto market bleeds following hawkish rate cut decision by Fed
Bitcoin and the crypto market are down on Wednesday following the Federal Open Market Committee (FOMC) announcement to slow down rate cuts in 2025, with the benchmark federal funds rate declining to a lower range of 4.25% to 4.50%.
Bitcoin: BTC reclaims $100K mark
Bitcoin briefly dipped below $94,000 earlier this week but recovered strongly, stabilizing around the $100,000 mark by Friday. Despite these mixed sentiments this week, institutional demand remained strong, adding $1.72 billion until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.